Australian sustainable eco-friendly retailer Ecolateral has collapsed into voluntary administration after a “challenging 12-month period”.
Jamie Stott, CEO of Ecolateral, said in a LinkedIn post that the current economic climate and future outlook have led to this “heartbreaking decision” to call in administrators.
“I regret to announce following the closure of our Blackwood store two weeks ago that as of December 19, the other three stores have now closed permanently.
“The administrator is currently in negotiation with one party regarding the possible sale and continuation of the Blackwood store and I will update you as this possibility develops.”
Daniel Lopresti from the corporate advisory firm Clifton Hall has been appointed as the voluntary administrator to assess the collapse and sale of the entity.
He told Smart Company that some consumers are “prepared to pay a premium for sustainable products” but rising interest rates might push families to look for “cheaper substitutes”.
Though the future remains bleak for Ecolateral, Stott encouraged customers to strive to reduce their impact on the planet, stamp out greenwashing and unsustainable practices in business.
“If you were an Ecolateral customer or follower I wish to thank you for your loyalty and patronage over the years and hope that you enjoyed your experience with us.”
- Further reading: Opinion: Earth-friendly brands say green is ‘so yesterday’
