Lisa Ho Group has entered into liquidation after the accountants and advisers of HLB Mann Judd Sydney, Barry Taylor and Todd Gammel, reached an agreement with Lisa Ho on sale of the majority of the intellectual property of the business.
The confidential agreement followed the separate sale of the Lisa Ho eyewear intellectual property to Face Optics on 28 June 2013. Face Optics produces and distributes luxury eyewear in Australia.
In addition, as a result of the creditors’ meeting held on 10 July, the Lisa Ho Group entities have entered liquidation and will be wound up.
Gammel said the arrangements with Ho and Face Optics will result in a return to the secured creditors of the Lisa Ho business after costs.
“After the extensive sale program, we came to a position that the sale of the IP to the two separate parties was the best way of maximising value for these assets,” he said.
“The arrangements also mean that there is an opportunity for the Lisa Ho brand to continue in both eyewear and clothing, notwithstanding the liquidation of the Lisa Ho Group entities and ongoing realisation of remaining assets by the liquidators.”
The Lisa Ho retail stores in the Strand in Sydney and Chadstone in Melbourne closed on 7 July 2013 with final warehouse sales in Sydney coming to an end on 12 July.
Gammel said the business will be closed over the next two weeks.
All remaining assets including unique samples, classic Lisa Ho dresses from her archive of 30 years, vintage fabric and fixed assets at the Surry Hills head office are for sale/auction this week. Last week 40 kilometres of raw material stock, thousands of buttons, zippers and accessorises were sold through the warehouse.
“New stock has continued to arrive and stock from closed stores consolidated so there is an opportunity for a great discount on day wear, evening and bridal dresses,” he said.
“We appreciate the loyalty of Lisa Ho customers who have shown in their support for the business in recent weeks.
“Lisa Ho is synonymous with Australian fashion excellence and there are currently terrific opportunities to own Lisa Ho fashion items which will never be repeated.”