An Australian retail legacy is set to vanish from the business landscape as Roger David prepares to close its remaining 57 stores well before Christmas.
The chain, which employs 300 people full-time as well as 200 casuals and part-time staff, was unable to entice buyers in a four-week process.
Administrator Craig Shepard of KordaMentha Restructuring says there was some interest from potential buyers for the iconic fashion and accessories stores, but in the end they felt the retail clothing environment was too tough to make it work.
"Everyone recognised the strength and the affection for the brand, but it did not pass the viability test," says Shepard.
"Roger David was a victim of rising fixed costs, fierce competition from online and global competitors and cautious consumer demand."
Shepard says all remaining stock, including the summer range, is being moved into stores and will be priced to clear.
All stores in the 76-year-old chain would be closed down by early to mid-December. The business was placed in Voluntary Administration on 18 October.
"The employees and customers have been remarkable in the past four weeks to help provide the company with cash flow to help pay entitlements and creditors. Discounts of 60% or more will continue until the last day," Shepard says.
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Business News Australia