Homewares retailer ISHKA was placed into voluntary administration today.
Established in Melbourne’s Glen Iris 49 years ago – the family owned chain employs 500 people and trades from 60 stores.
ISHKA owner Tony Darvall said the decision follows a “catastrophic Christmas and summer” of trade.
“We realised everything wasn’t right, so we’ve been flat out working on solutions to protect staff, suppliers, landlords and creditors,” the executive said.
“We have taken the unusual step for a privately-run family company to speak out during this difficult time.
“We want our staff, our makers and our suppliers to know we are here to help and support them.
“We know the ripple effect an event like this can have on hundreds of families and communities involved in the company.”
The news comes a month after JeansWest entered administration.
JeansWest employs 988 staff in 143 stores across Australia.
Other retailers to last year announce store or business closures include Co-Op Bookshop, Ed Harry, Karen Miller, Muscle Coach, Napolean Perdis, Skins, Shoes of Prey, Stylerunner and Zanui,
Shannon Bennett’s restaurant Benny Burger – along with George Calombaris’ Made Establishment, which controls numerous eateries, also recently collapsed,
Big W and Target announced plans to reduce store numbers last year.
In 2018, we reported that clothing retailer Roger David would close all of its 57 Australian stores.