The Napoleon Perdis cosmetics chain outlet at Westfield Miranda will remain open while the company’s Hurstville outlet has been closed in the restructure following the company’s collapse last week.
Voluntary administrators, Worrells Solvency and Forensic Accountants undertook an assessment of each store in the chain on the weekend to decide which would remain open.
Of the 56 Napoleon Perids stores nationally, 28 were closed yesterday including Hurstville.
Worrells’ Simon Cathro said the these steps are critical to ensure the business is saleable.
“The administrators have undertaken an assessment of each store factoring in past performance, the right sizing of the business as a whole and the location,” he said.
“As result of this review we have identified a number of stores that will be closed.
“This decision has not been taken lightly and we are aware that this will have an impact on employees and customers,” he said.
“These staff will be paid their wages owing up to the date they are terminated.
“Some staff have been offered other roles within the Napoleon Perdis Group.
“We have been extremely pleased with the high level of support the staff have provided both to Napoleon himself and the business. No doubt this has contributed to the strong sales results over the weekend.”
Worrells in conjunction with the Napoleon Perdis team are now seeking buyers or investors.
Napoleon Perdis said thanked staff who have all tirelessly gone above and beyond during this challenging time.
“Today’s closures are a necessary and anticipated step in the restructuring process,” he said.
“And while it feels like a sad time, this is not goodbye, and it gives us the best opportunity to keep the business trading through the administration process.”
The first meeting of creditors is now advertised, due to be held simultaneously on Tuesday, February 12 across four locations: Sydney, Brisbane, Melbourne, and Perth at 2.30pm AEDT.
