By the Numbers
Gordon Brothers was appointed by the Administrator to monetise A$9 million of inventory and conduct a store closure program for Jeanswest, a Melbourne-based retailer of women’s and men’s jeans and apparel. Established in 1972, Jeanswest entered into Voluntary Administration in January 2020. The Administrator began restructuring and rightsizing the business to increase the likelihood of a sale as a going concern, which included exiting 37 loss making stores.
Gordon Brothers was tasked with operating the store closures, managing inventory realisations, and selling the furniture, fixtures, and equipment (FF&E) from the stores. Gordon Brothers carefully curated a marketing plan to include sensitive media advertising and eye-catching in-store signage that maximised recovery values but protected the retailer’s brand. Protection of the Jeanswest brand was essential in supporting the Administrator’s strategy to sell the balance of the business as a going concern.
Gordon Brothers completed the store closures over a seven-week period successfully realising recovery values in excess of budget. The empty, broom-clean stores were handed back to the respective landlords, and the go forward business was successfully sold to a new owner