Stationary Giant Kikki.K Has Gone Into Voluntary Administration
Another big retailer has fallen.
The retail world has been hit with another blow this morning as stationary giant kikki.k has announced its collapse into voluntary administration.
The fate of the company’s 65 stores, spanning Australia the UK, New Zealand, Singapore and Hong Kong, are in jeopardy with directors citing falling sales to blame.
"We’ve had the triple-whammy of soft consumer demand, the business impact of bushfires and more recently the unprecedented and profound impact of coronavirus which is hitting so many businesses and countries so hard," chief executive Paul Lacy told the Sydney Morning Herald.
"This unprecedented line-up of external factors, particularly in recent weeks, has really taken its toll. As we looked ahead we just didn’t have the certainty we could keep going so have had to take this decision."
The news comes after a string of other major retailers, including Bardot, Jeanswest, Colette by Colette Hayman and Harris Scarfe, entered administration earlier this year.