Jeanswest launches major sale of $20 million worth of items

Retailer Jeanswest plans to sell off AU$20 million worth of inventory through a massive promotional event, just days after announcing it had entered voluntary administration.

Starting this morning, over 350,000 items, including 138,000 pairs of jeans, will be available for purchase at Jeanswest's 87 stores across Australia. The promotion aims to clear inventory, maximize returns for creditors, and prepare the business for restructuring as an online operation.

Administrator Lindsay Bainbridge stated, "To clear the inventory, discounts will be offered storewide, including 77,000 brand-new clothing and footwear items that were ordered before the company entered voluntary administration and only recently arrived in the warehouse." He further added, "All items have been marked down, with discounts applicable in both retail stores and the online store, and all sales will be final during the clearance event."

Jeanswest is closing all of its Australian stores, with the parent company planning to transition to an online-only operation. However, the three stores in New Zealand will continue to operate. The brand's parent company, Harbour Guidance, appointed administrators from Pitcher Partners Melbourne last week to restructure the business, which has been operating in Australia for over 50 years.

Bainbridge stated, "We have communicated with all employees and will continue to operate all stores until the inventory is sold out." The administrators have engaged global asset specialists Gordon Brothers to support the promotional event and ensure a smooth liquidation process.