Retailers are folding fast—is this Aussie brand the next to go?
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Financial struggles within the retail industry are becoming all too familiar, particularly as economic pressures weigh heavily on Australian households.
Now, a major player has taken legal action that could spell the end for one of the country's best-known surfwear retailers.
What triggered the move, and what happens next, has left many watching closely.
Nike’s legal showdown with a well-known Australian surfwear retailer marked the latest twist in a long and troubled financial saga—one that could soon end in liquidation.
SurfStitch, once a powerhouse in online surf fashion, was again thrust into the spotlight after Nike Australia filed a winding-up application, claiming the company owed them $237,760.
The application was lodged in May and, by 6 June, SurfStitch had entered voluntary administration, as confirmed by documents from the Australian Securities & Investments Commission (ASIC).
Administrators Edwin Narayan and Domenic Calabretta from Mackay Goodwin were appointed to oversee the company’s affairs.
It wasn’t the first time SurfStitch had hit rough waters. The retailer had previously collapsed in 2018—just a year after first going into administration in 2017—before eventually clawing its way back to independent trading. But this time, the situation appeared more serious.
Nike’s winding-up order was filed in the Supreme Court of Victoria, with the matter due to be heard in the coming week, according to reports.
Despite its comeback story, SurfStitch’s troubles seemed to resurface following its sale in May last year by the Alquemie Group. The buyer remained undisclosed, but the aftermath of the acquisition raised eyebrows.
‘We understand the new owners have subsequently appointed voluntary administrators,’ a spokesperson for Alquemie Group said.
Since the announcement, SurfStitch’s website had gone offline, displaying only a holding page that read: ‘We expect to be back soon. Thanks for your patience.’
The Alquemie Group—which also oversaw operations for LEGO Certified Stores, General Pants Co., and National Geographic Stores—had sold not only SurfStitch but also fashion label Ginger & Smart in the same month last year.
For context, the group’s portfolio had already seen some shake-ups—National Geographic Stores, for instance, exited the Australian market in October last year.
SurfStitch’s latest stint in administration came amid a wave of retail collapses across the country. The ongoing cost-of-living crisis had forced many Australians to tighten their wallets, leading to a steep drop in discretionary spending.
Among the notable casualties was Mosaic Brands, which collapsed in 2024 owing nearly $250 million. The retail giant had tried to stem losses by shutting down multiple brands—Autograph, BeMe, Crossroads, Rockmans and W.Lane—in hopes of salvaging the rest. But even its surviving labels, including Katies, Millers, Noni B and Rivers, later folded.
At its peak, Mosaic operated more than 700 stores and 10 online outlets, employing hundreds across the country. The fallout also affected more than a dozen Bangladeshi garment factories, which were collectively owed tens of millions of dollars—raising serious concerns about the livelihoods of workers already living on the edge.
Whether SurfStitch can recover once again—or be forced into liquidation—remained to be seen.
With Nike taking legal action and SurfStitch back in administration, it’s clear the retail world isn’t what it used to be.
To see how it all ties into a much bigger picture, watch this next.
Source: Youtube/NachoAverageFinds
With so many Aussie retailers struggling to stay afloat, do you think there's still a place for niche fashion brands like SurfStitch in today’s economy? Let us know your thoughts in the comments.
In tough economic times, it’s not just retailers feeling the pinch—essential services have also seen major cutbacks.
For many seniors, the sudden closure of a local bank branch can be just as disruptive as losing a favourite store, especially when it affects day-to-day independence.
If you’ve been impacted or are concerned about these changes, this story is well worth a look.
Read more: Is your local branch closing? Customers react to controversial bank closures
Now, a major player has taken legal action that could spell the end for one of the country's best-known surfwear retailers.
What triggered the move, and what happens next, has left many watching closely.
Nike’s legal showdown with a well-known Australian surfwear retailer marked the latest twist in a long and troubled financial saga—one that could soon end in liquidation.
SurfStitch, once a powerhouse in online surf fashion, was again thrust into the spotlight after Nike Australia filed a winding-up application, claiming the company owed them $237,760.
The application was lodged in May and, by 6 June, SurfStitch had entered voluntary administration, as confirmed by documents from the Australian Securities & Investments Commission (ASIC).
SurfStitch faces liquidation after Nike lawsuit. Image source: SurfStitch
Administrators Edwin Narayan and Domenic Calabretta from Mackay Goodwin were appointed to oversee the company’s affairs.
It wasn’t the first time SurfStitch had hit rough waters. The retailer had previously collapsed in 2018—just a year after first going into administration in 2017—before eventually clawing its way back to independent trading. But this time, the situation appeared more serious.
Nike’s winding-up order was filed in the Supreme Court of Victoria, with the matter due to be heard in the coming week, according to reports.
Despite its comeback story, SurfStitch’s troubles seemed to resurface following its sale in May last year by the Alquemie Group. The buyer remained undisclosed, but the aftermath of the acquisition raised eyebrows.
‘We understand the new owners have subsequently appointed voluntary administrators,’ a spokesperson for Alquemie Group said.
Since the announcement, SurfStitch’s website had gone offline, displaying only a holding page that read: ‘We expect to be back soon. Thanks for your patience.’
The Alquemie Group—which also oversaw operations for LEGO Certified Stores, General Pants Co., and National Geographic Stores—had sold not only SurfStitch but also fashion label Ginger & Smart in the same month last year.
For context, the group’s portfolio had already seen some shake-ups—National Geographic Stores, for instance, exited the Australian market in October last year.
SurfStitch’s latest stint in administration came amid a wave of retail collapses across the country. The ongoing cost-of-living crisis had forced many Australians to tighten their wallets, leading to a steep drop in discretionary spending.
Among the notable casualties was Mosaic Brands, which collapsed in 2024 owing nearly $250 million. The retail giant had tried to stem losses by shutting down multiple brands—Autograph, BeMe, Crossroads, Rockmans and W.Lane—in hopes of salvaging the rest. But even its surviving labels, including Katies, Millers, Noni B and Rivers, later folded.
At its peak, Mosaic operated more than 700 stores and 10 online outlets, employing hundreds across the country. The fallout also affected more than a dozen Bangladeshi garment factories, which were collectively owed tens of millions of dollars—raising serious concerns about the livelihoods of workers already living on the edge.
Whether SurfStitch can recover once again—or be forced into liquidation—remained to be seen.
With Nike taking legal action and SurfStitch back in administration, it’s clear the retail world isn’t what it used to be.
To see how it all ties into a much bigger picture, watch this next.
Source: Youtube/NachoAverageFinds
With so many Aussie retailers struggling to stay afloat, do you think there's still a place for niche fashion brands like SurfStitch in today’s economy? Let us know your thoughts in the comments.
In tough economic times, it’s not just retailers feeling the pinch—essential services have also seen major cutbacks.
For many seniors, the sudden closure of a local bank branch can be just as disruptive as losing a favourite store, especially when it affects day-to-day independence.
If you’ve been impacted or are concerned about these changes, this story is well worth a look.
Read more: Is your local branch closing? Customers react to controversial bank closures
