Jeanswest Collapses – 2020 Not Looking Good for Australia
Channel: Daily Insight
Date: 2020-01-16

Australian retailer Jeanswest is the latest casualty in the struggling Australian retail sector. The company went into voluntary administration yesterday with the future of their 146 Australian stores in doubt. Just last week, on the 9 January 2020, Australian fashion retailer Bardot announced that it will be closing 58 of its shops with 530 workers to lose their jobs. Just last month, December 2019, department store chain Harris Scarfe collapsed into receivership becoming another high-profile casualty in this ever-increasingly severe retail downturn. 21 of its stores will be closed nationally with hundreds of jobs being lost in the process. Earlier this week, Mosaic Brands (the parent company of clothing retailers such as Noni B, Rivers, Rockmans, and Katies) announced that its sales took a battering in the second half of 2019 with the ongoing bushfire crisis and falling consumer confidence being held responsible. The Australian economy was already struggling in 2019 with businesses and consumers tightening their belts. The ongoing bushfire crisis has just added to our woes.

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