Australian Cue Clothing placed into receivership
Australian fashion company Cue Clothing Co, based in Sydney, has been placed into receivership. This was reported by ABC News Australia.
The brands will continue operating
The company was founded in 1968. It manages the Cue brand and its sister brand, Veronika Maine.
FTI Consulting, which was appointed as Cue's receiver and manager, said that sales growth and other improvements in the group were unable to offset overhead costs.
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Cue Clothing Co will continue operating while the appointed receivers assess the business and possible options for its restructuring.
Sale of the business
FTI Consulting said that a business sale process to seek offers would begin immediately. Its aim is to secure the future of the Cue and Veronika Maine brands.
On the same day, Duncan Clabb and Sean McKinnon of BDO were appointed as the company's voluntary administrators.
