Aussie fashion label Ksubi has called in the administrators, blaming poor margins for the collapse of the company.
Founders Dan Single and George Gorrow said in a statement that “putting the company into voluntary administration was the only way to ensure the future of Ksubi”.
Its retail stores in Bondi, Paddington, Melbourne and New York’s SoHo district will remain open.
"It is business as usual for Ksubi," said administrator Paul Billingham in a statement.
"Our job is to try and preserve the inherent value of the business. We will work closely with directors and key stakeholders to do this. For the time, all Ksubi’s stores remain open."
The Ksubi brand was founded in 2000 by Dan Single and George Gorrow, and Gareth Moody, who left the label in 2005.
Single and Gorrow said in a statement that the business has been "struggling to achieve the margin necessary to fund the growth and development of the brand".
Voluntary administration was the "only way to ensure the future of Ksubi", they said in a statement.
"We are and will remain fully committed to the Ksubi brand and in assisting the administrator to achieve the best possible outcome," Single and Gorrow said.