Multichannel menswear chain, Roger David, has been placed into administration after 76 years of operation.
Citing competition from international competitors and the “rapid evolution” of the e-commerce industry, Roger David has announced its fate is in the hands of administrator KordaMentha, after the competitive Australian landscape proved too much for the 76-year-old business.
According to a statement, Craig Shepard and Leanne Chesser will be taking the helm as Roger David’s lead administrators, with the duo wasting no time in launching a national closing down sale to raise money for creditors and company employees.
“Roger David, like many other fashion retailers, has been buffed by global competition, stagnant sales and rising fixed costs,” Shepard said.
According to Shepard, the menswear retailer has explored other options, including selling the business, but has been unable to find an alternative to administration.
“Despite the directors’ best efforts with the business, it simply could not compete with the influx of multinational retailers and the rapid, global evolution of online shopping,” the statement read.
Roger David currently has 57 Australian shop fronts and a comprehensive online store. While no official date for closures has been given the company has said that “stock will be marked down to clear”, easing consumer concerns by confirming gift cards will still be accepted for at least one month from Thursday morning’s announcement.
“The directors understand the doors will remain open and it will be business as usual for the upcoming peak retail period in an effort to maximise the options for the business.”
The menswear retailer is the latest Australian retailer to fall victim to the toughening conditions of the retail landscape. Popular clothing brands, Metalicus and Esprit have also felt the brunt force of the changing landscape, with Metalicus falling into administration in May, followed by Esprit’s decision to exit the Australian market soon after.
Toys ‘R’ Us’ also shut its doors earlier this year, following in the footsteps of its US and UK counterparts, after the business failed to find a buyer for the popular toy store outlet.