Australian Stationery Giant Announces Closure, 500 Employees Have Uncertain Future

Australian stationery giant announces closure, 500 employees have uncertain future

In its heyday, the brand had more than 90 stores in Australia, New Zealand, Hong Kong, Singapore, and the United Kingdom, and entered the stationery market in 143 countries through online stores, with more than 3.7 million customers.

After 20 years of operation, kikki.K also failed to withstand the overall "cold winter" of the retail industry. On March 10, it suddenly announced its entry into the escrow process, which is only one step away from bankruptcy liquidation.

The future of 500 employees in Australia is uncertain.

Perfect storm

Cor Cordis has been appointed as a hosting agency for kikki.K.

The company's Barry Wight said the retail brand has been "suffering" for some time. After the "eventful summer" of fire and new crowns, the problem of kikki.K further intensified, and it was ultimately difficult to survive.

He said: "kikki.K had made ends meet by the end of last year and in January of this year."

However, the store had sales of up to $ 70 million last year.

Although the chain is still open, the clerk works as usual. However, there is no doubt that the next choice is nothing more than closing the store, or closing the door, or committing to others.

kikki.K CEO Paul Lacy said the company could be said to be "in a perfect storm",

The first was that British stores were affected by Brexit, and the second was that Hong Kong stores were also affected by local protests. Then the Australian local stores were affected by the forest fire, and now all stores are affected by the new crown.