Latest news with #DomenicCalabretta
7NEWS
26-06-2025
- Business
- 7NEWS
SurfStitch placed into administration amid court action by Nike Australia over alleged debts
Australian online retailer SurfStitch has been placed into administration and is facing legal action from sportswear behemoth Nike amid claims it is owed almost $240,000. 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.
Daily Mail
25-06-2025
- Business
- Daily Mail
Iconic Australian surfwear brand SurfStitch collapses - as Nike launches legal action
Nike will take surfwear retailer SurfStitch to court in an effort to recover hundreds of thousands in allegedly unpaid debt. The sportswear giant filed an application for the winding up of SurfStitch in May, and the company entered voluntary administration on June 6, documents from the Australian Securities & Investments Commission (ASIC) show. Administrators Edwin Narayan and Domenic Calabretta of Mackay Goodwin have been appointed. SurfStitch has previously returned to business from administration but the court could order the company into liquidation. Nike Australia sought a winding-up order against SurfStitch, claiming it is owed $237,760, according to Supreme Court of Victoria documents, reported the Herald Sun. The matter is scheduled to be heard next week. SurfStitch was sold by its former parent company, Alquemie Group, to an undisclosed buyer in May last year. 'We understand the new owners have subsequently appointed voluntary administrators,' an Alquemie Group spokesperson said. SurfStitch's website has been offline for a number of weeks, it states the site is 'currently undergoing maintenance'. 'We expect to be back soon. Thanks for your patience,' a notice reads. The proceedings come after a lengthy series of financial troubles for SurfStitch. The business previously collapsed in 2018, one year after appointing administrators in 2017. The retailer was acquired in 2018 by Alceon Retail Bidco, now known as Alquemie Retail Operations, a subsidiary of Alquemie Group. The group also includes LEGO Certified Stores, General Pants Co. and National Geographic Stores, the latter of which quietly departed the Australian market in October last year. In May last year, Alquemie sold SurfStitch and fashion label Ginger & Smart to a mystery buyer. The collapse follows a raft of other fashion retailers faltering in recent years. Australian clothing giant Mosaic Brands went bust last year owing almost $250million. Before going into administration, Mosaic announced it would shut down its brands Autograph, BeMe, Crossroads, Rockmans and . The closures were intended to focus resources on its other brands Katies, Millers, Noni B and Rivers, however, those brands have also since folded. Mosaic Brands had more than 700 stores and 10 online shops, employing hundreds of people. Among its creditors were more than a dozen Bangladeshi garment factories, owed tens of millions of dollars, with concerns those workers would be sent into poverty.
Herald Sun
25-06-2025
- Business
- Herald Sun
SurfStitch saga takes dramatic turn as Nike launches legal action
Don't miss out on the headlines from Business. Followed categories will be added to My News. Sportswear giant Nike has launched legal action against surf retailer SurfStitch in an attempt to recoup the hundreds of thousands of dollars it says it is owed. SurfStitch, which was sold by its parent company Alquemie Group to an unknown buyer last month, placed itself into voluntary administration weeks after the legal proceedings were initiated, a notice lodged with the corporate regulator reveals. Nike Australia, which sold sneakers and clothes on SurfStitch's website, is pursuing a winding-up order against the brand, claiming it is owed a total of $237,760, according to court documents filed with the Supreme Court of Victoria. Winding up notices are usually issued by creditors of a company in order to enforce the payment of a debt. If the debt is found legitimate and a company is unable to pay, the business is usually placed into liquidation by the court. The matter is due before the court next week. Even though SurfStitch has been placed into administration, the court can still order the business into liquidation. An Alquemie Group spokesperson told News Corp that the company sold the SurfStitch business in May. 'We understand the new owners have subsequently appointed voluntary administrators,' they said. SurfStitch's website has been shut down for several weeks, displaying a message that states it is 'currently undergoing maintenance'. 'We expect to be back soon. Thanks for your patience,' their site reads. Law firm Cornwalls, who is representing Nike in the Supreme Court action, declined to comment. SurfStitch administrators, Edwin Narayan and Domenic Calabretta of Mackay Goodwin who were appointed to the company on June 6, were contacted for comment. The fresh legal action and administration mark another unexpected chapter in the SurfStitch saga, with the company previously collapsing in 2018. It was previously reported that SurfStitch appointed administrators in 2017, with the retailer sold to Alceon Retail Bidco a year later – which is now known as Alquemie Retail Operations, a subsidiary of Alquemie Group. Alquemie's portfolio includes fashion retailer General Pants Co. and LEGO Certified Stores, with the group also offloading luxury fashion brand Ginger & Smart in May to the same undisclosed buyer that acquired SurfStitch. The private equity firm is run by Richard Facioni, a long-time deal-maker in the retail industry and the former chairman of Mosaic Brands – the ASX-listed company that took in brands Noni B, Rivers and Millers, which collapsed last year.
