Clothing chain Jeanswest has collapsed into administration, joining the ranks of Australian-based retailers which have succumbed to sluggish consumer spending in recent weeks.
The retailer, which employs 988 people and has 146 stores around Australia, is known for its range of denim and casualwear.
KPMG confirmed on Wednesday it had appointed voluntary administrators Peter Gothard and James Stewart to conduct an urgent analysis of the businesses finances.
Jeanswest will continue to operate while a buyer for the business is found.
The Australian brand has been challenged by current tough market conditions and pressure from online competition, Mr Stewart said in a statement.
“The administration provides an opportunity for Jeanswest to restructure so as to better respond to the challenging Australian retail market,” he added.
Jeanswest opened its first store in Perth in 1972.
It was acquired in 2017 by the Hong Kong-based Yeung Family Company.
A meeting with creditors is due to be held in Melbourne on January 28.