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76-year old retailer Roger David has entered administration citing a failure to keep up with the evolving global retail environment.
The men's clothing chain, which has 57 stores nationwide employing over 300 staff will continue to operate into the Christmas retail period but its future is bleak.
The chain has appointed KordaMentha as administrators to begin a national closing down sale immediately to clear stock and raise as much money as possible for employees and other creditors.
Craig Shepard, one of the KordaMentha key administrators, says the retailer suffered from the changing conditions in Australian retail, which has been hitting other Australian icons like Myer hard.
"Roger David, like many other fashion retailers, has been buffeted by global competition, stagnant sales, and rising fixed costs," says Shepard.
"The company has been exploring all options, including a sale of the business, but has been unable to find an alternative to administration."
The directors of the company thanked past and present staff for their service to the company.
"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," Roger David directors said in a statement on Thursday.
"Thank you also to Roger David's loyal customers who have been on a journey with Roger David since we opened our doors."
"Like you, we are heartbroken but forever grateful to have served generations of your family since 1942."
At its peak, Roger David had more than 100 stores, selling suits, other fashion and accessories under the Roger David and RDX brands.
Gift cards will be honoured in full for one month to encourage support from customers for the closing down sale. Stock will be marked down to clear.
Timing of store closures will be announced later. The first meeting of creditors will be held on 30 October 2018.
Roger David follows retailers including Marcs, Pumpkin Patch, Payless Shoes and Rhodes & Beckett in entering administration, although some brands have survived under new owners.
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Business News Australia
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