Sunita Somvanshi
The “Everything Must Go” signs are up at Colette by Colette Hayman stores across Australia. Staff got the news Thursday – the fashion accessories chain is closing for good. Stores are selling remaining stock at 60-80% off.
Money Troubles: A Timeline Sydney businesswoman Colette Hayman started the company in 2010. The brand grew to 180 stores across Australia, New Zealand, South Africa, and UK. The first bankruptcy hit in 2020, forcing 100 store closures. Under Marquee Retail Group, a second bankruptcy came in April 2024. A June 2024 rescue attempt kept 40 stores open and saved 400 jobs, but ultimately failed.
The Money Math The June 2024 rescue deal laid out strict payment terms. Priority creditors received their full amount, while main suppliers got 20 cents per dollar. Landlords received 10 cents per dollar, and other creditors settled for 5 cents per dollar. The plan included $35,000 monthly payments over 4 years.
Why It Failed Former Myer CEO Bernie Brookes, who ran Marquee Retail Group, spelled out the problems: “Sales dropped sharply from October 2023 to March 2024. We faced higher inflation, rising interest rates, and old COVID-era tax office debt.”
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The Retail Bloodbath Colette isn’t alone in its struggles. Ally Fashion closed 51 stores with $58 million in debt. Jeanswest is closing 90 stores, cutting 600 jobs. Mosaic Brands shut down multiple chains including Autograph, Noni B, Katies, Millers, and Rivers stores.
Jobs Lost The closure affects staff across New South Wales, Victoria, Queensland, ACT, South Australia, and Western Australia. The company’s store count tells the story: dropping from 138 to 35 stores in 2020, attempting to run 40 stores in 2024, and now closing all locations after final sales.
The Other Shoe The Daily Edited, also owned by Marquee Retail Group, started a 70% off sale. No word yet on its future.
Cash Register Reality Consumer spending patterns have changed. Shoppers spend less on non-essentials and move more purchases online. Tighter budgets due to inflation changed buying patterns, especially after COVID.
What’s Left Colette stores stay open until they sell everything. The brand started in 2012 selling affordable bags and jewelry to young women. Now it’s the latest Australian retailer to close shop in tough times.
