Famed Aussie jeans brand goes under, leaving unbelievable debt—were you one of their customers?
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Recent weeks have shown how unstable the current economy is becoming, with small businesses and major brands alike facing a wave of bankruptcies. Just this week, major dessert brand Sara Lee announced they went into a voluntary administration.
Now, Nobody Denim, one of Australia’s famous denim brands, is no exception—the business has become the latest victim of the economic downturn, entering voluntary liquidation last October 10.
The fashion label was best known for its range of jeans, often stocked in both The Iconic and at David Jones department stores across Australia and overseas.
Although the company had been in business since 1999, its financial downfall came rapidly and suddenly, with the news of its collapse having a major economic impact.
It was reported that the company’s largest creditor is its manufacturer, Denim 108, who is owed a staggering $ 2.6 million.
Australia Post, Paypal and other creditors were also reported to be owed tens of thousands of dollars.
Furthermore, three of the company’s workers were underpaid for their salary, annual leave and retrenchment costs, with a total of $53,000 owed to them.
To make matters worse, the business only had $16,000 in the bank when it went under—not nearly enough to cover the outstanding debts.
Not all is lost, however, with the rights to the trading name being acquired by Queensland clothing company Outland Denim.
It is understood that the acquiring company is planning to retain the existing staff members from the now-defunct denim label.
Founded by John Condilis, Nobody Denim had a large customer base of more than 60,000 people worldwide. It originated from Melbourne but has since grown its market share globally.
They had over 100 physical stockists in Australia and New Zealand and sold through online retailers overseas.
What do you think of this news, members? Are you a fan of this denim brand? Let us know in the comments below!
Now, Nobody Denim, one of Australia’s famous denim brands, is no exception—the business has become the latest victim of the economic downturn, entering voluntary liquidation last October 10.
The fashion label was best known for its range of jeans, often stocked in both The Iconic and at David Jones department stores across Australia and overseas.
Although the company had been in business since 1999, its financial downfall came rapidly and suddenly, with the news of its collapse having a major economic impact.
Nobody Denim entered voluntary liquidation on October 10. Credit: @nobodydenim/Instagram
It was reported that the company’s largest creditor is its manufacturer, Denim 108, who is owed a staggering $ 2.6 million.
Australia Post, Paypal and other creditors were also reported to be owed tens of thousands of dollars.
Furthermore, three of the company’s workers were underpaid for their salary, annual leave and retrenchment costs, with a total of $53,000 owed to them.
To make matters worse, the business only had $16,000 in the bank when it went under—not nearly enough to cover the outstanding debts.
Not all is lost, however, with the rights to the trading name being acquired by Queensland clothing company Outland Denim.
It is understood that the acquiring company is planning to retain the existing staff members from the now-defunct denim label.
Founded by John Condilis, Nobody Denim had a large customer base of more than 60,000 people worldwide. It originated from Melbourne but has since grown its market share globally.
They had over 100 physical stockists in Australia and New Zealand and sold through online retailers overseas.
What do you think of this news, members? Are you a fan of this denim brand? Let us know in the comments below!
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