Jeanswest voluntary administrators, Peter Gothard and James Stewart have confirmed a buyer for the Australian operations of the clothing retailer.
The sale contract was signed on Monday with Harbour Guidance, the Australian subsidiary of Hong Kong company, Harbour Guide owned by Chun Fan Yeung and his family interests. Yeung is a minority shareholder in the previous parent company of Jeanswest, Howsea.
The sale, expected to include up to 106 stores and the jobs of up to 680 Jeanswest employees, is conditional on landlords agreeing to revised lease terms with Harbour Guidance but is anticipated to be completed in mid-March 2020.
KPMG restructuring partner, James Stewart said, “This is a great result for all parties – the Jeanswest business and the opportunity for staff to secure ongoing employment.”
Harbour Guidance managing director, George Yeung said the acquisition of Jeanswest will present an opportunity to rejuvenate this iconic brand well known to the Australian community. “We are committed to continue servicing Australian communities and grow the Jeanswest brand organically through an omnichannel service offering.”
Jeanswest entered voluntary administration last month with 988 staff and 146 stores across Australia after 48 years of operation.