SurfStitch placed into administration amid court action by Nike Australia over alleged debts
A notice lodged with the corporate regulator revealed SurfStitch, which was only recently sold by Alquemie Group, had been placed into voluntary administration earlier this month.
Edwin Narayan and Domenic Calabretta of Mackay Goodwin currently have the reins, having been appointed on June 6.
Nike Australia claims it is owed $237,760 for shoes and clothes SurfStitch sold on its website, and is now pursuing winding-up orders against the company, the Herald Sun reports.
Lawyers say this type of action is often used by creditors to enforce payment but if the reported debt is not settled, SurfStitch could potentially be dragged into liquidation.
SurfStitch's online store has been down for 'maintenance' for weeks.
'We expect to be back soon. Thanks for your patience,' a note on its website says.
Customers have noticed too, asking 'when's it going to be up again?'.
SurfStitch was sold by Alquemie — which features General Pants Co and Lego Certified Stores within its portfolio — to an undisclosed buyer in May, along with another fashion brand, Ginger and Smart.
Sources told the Australian Financial Review that both offloaded outfits had been losing money and sales and been shrinking for some time.
It is a tough new chapter for SurfStitch, which previously slipped into administration in 2017.
The operation, which was reportedly valued at $500 million three years before that, managed to secure a lifeline from Alquemie.
SurfStitch's difficulties are also a heavy blow for Australian retail, given the recent collapse of other major names including Jeanswest, Millers, Noni B, Rivers and Colette.
Experts say reduced discretionary spending and cost of living pressures are working against retailers.
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