Ryan Eagle and Brendan Richards of KPMG were appointed administrators of Bardot when the fashion brand entered voluntary administration on Thursday. It will be business as usual while turnaround and recapitalisation opportunities are assessed. Bardot has 72 stores across Australia and employs around 800 staff.
Bardot CEO, Basil Artemides said despite double-digit growth in online sales and successful expansion into the US and Europe, retail stores in Australia were competing in a highly cluttered and increasingly discount-driven market.
“Operating a national retail network in its current state is no longer sustainable,” he said in a statement. “We acknowledge the potential impact that these changes may have on our team members and remain committed to open and timely communication with our stakeholders as KPMG undertakes its assessment.”
KPMG has confirmed that in recognition of Bardot’s customer loyalty, gift cards will be honoured on a $1 for $1 basis. For example, if a customer intends to redeem $100 gift card, they will need to purchase product of $200 in value and pay $100 by cash, by card or using AfterPay. This applies to all stock including sale items. No new gift cards will be issued.
The voluntary administrators have also said that Bardot’s existing refund and exchange policy remains in place for both in-store and online purchases. Faulty returns purchased before Thursday 28 November 2019 cannot be refunded. Instead, the customer will have a choice of an exchange or credit note. Faulty returns purchased after Thursday 28 November will be treated as per the current policy meaning that a refund can be given.
The first meeting for creditors will be held on Tuesday 10 December 2019.