Rhodes & Beckett, Herringbone find saviour buyer

Benjamin Fitzgerald

Опубликовано
27 июл. 2017 г.

Rhodes & Beckett and Herringbone have been saved from an uncertain trading future thanks to their acquisition by Black Bear Holdings, the Hong Kong-based private equity firm.

The Australian fashion chains fell into voluntary administration in February this year, and proceeded to close underperforming stores, in a bid to appear more attractive to suitors.

Administrators Cor Cordis ran a two-stage sale process, bringing in a company called Gordon Brothers to clear inventory while negotiations with potential buyers continued, according to reports. It seems the measures have paid off.

Administrators from Cor Cordis said a sale of the business, majority-owned by German-based van Laack, has been arranged via a management buyout, with Black Bear Holdings -- headed by current Rhodes & Beckett brand director Michel Boutin, to take control of the businesses.

The deal is backed by Hong Kong private equity firm AO Capital, which invests in various sectors across the Asia-Pacific.

The brands had 140 employees across 29 stores when administrators were appointed in February, closing three Herringbone stores and four Rhodes and Beckett stores one week after the news broke.

More recently, Rhodes & Beckett closed eight concession stores previously operated in department store Myer, with the concession agreement due to end in July of this year. Fifteen stores remain, but their future remains uncertain.

Negotiations with the landlords of the remaining Rhodes & Beckett and Herringbone stores will now start. 

"The Rhodes & Beckett and Herringbone brands will survive and jobs have been saved," Cor Cordis partner Luke Targett told local media. "We feel that our previously announced two-stage strategy has paid off."