Storied Australian retailer Cue Clothing Co has collapsed into administration shortly after it was put up for sale by UK-based owners, Hilco Capital.

The nearly 60-year-old fashion company, which owns Cue and Veronika Maine, was put up for sale by Hilco just one year after acquiring it. Yesterday, Inside Retail reported that Cue Clothing has lost both its CEO and CFO during the sale process.

But no sale has been achieved. Hilco has instead appointed Kate Warwick and Vaughan Strawbridge of FTI Consulting as receivers and managers, effective immediately.

At the same time, Duncan Clubb and Shaun McKinnon of BDO have been appointed voluntary administrators.

“These [Cue] brands occupy distinct but complementary positions in the premium Australian womenswear market with a retail presence across Australia and New Zealand, through its own boutiques as well as a presence in major department stores offering distinctive ranges of apparel and accessories,” FTI Consulting said in a statement.

“The receivers understand that notwithstanding the increase in sales and other improvements across the group, these were insufficient to mitigate the impact of overhead costs currently in the business.”

The 51-store business is continuing to trade while restructuring options are assessed. Soon, a sale process seeking offers as going concerns will also commence.