Rretail jewellery chain Bevilles is the latest business to collapse amid difficult trading conditions, announcing that it has been placed into the hands of voluntary administrators.
In a statement on the company’s website, the 80-year old company said its 27 stores across Victoria, NSW and South Australia would remain open and continue trading during the administration process, however some stores were likely to close and the business would move to “smaller, smarter new-look stores”.
Administrator David McEvoy, from corporate restructuring firm PPB Advisory, said most of the stores would continue to trade while the administrators assessed the ongoing viability of the business and work with management and other stakeholders to explore restructuring and sale options.
“We understand that the company intends to put forward a restructuring proposal, which we will assess and report on to creditors.”
The first meeting of creditors will be held on May 11.
Bevilles said customers were not currently able to redeem loyalty points but all paid gift cards and credit notes would be honoured during the administration.
“It is the intent of the Beville family to reacquire the business and if successful, all points will be reinstated immediately,” the company said.