Casual fashion chain Jeanswest has been placed in voluntary liquidation with all 90 stores across Australia to be shuttered.

The business’s owner, Harbour Guidance, which bought the brand out of administration in 2020, has appointed Lindsay Bainbridge, Andrew Yeo and David Vasudevan of Pitcher Partners Melbourne as administrators.

However, in a statement issued Wednesday, Bainbridge said the brand and online store may continue to trade and “all restructuring options remain open”. No timeline has been set for the store closures, which will affect about 600 staff.

“The owners have done everything they can to keep Jeanswest going, but market conditions mean sustaining brick-and-mortar stores is not viable and unlikely to improve,” he said.

Founded in 1972, Jeanswest rose to prominence on its “fits best” promise. Before appointing voluntary administrators in 2020 with debts of around $50 million, it had 146 stores and employed nearly 1000 people.

The owners cited “increasingly tough” trading conditions for Australian retailers amid reduced discretionary spending and increasing costs of living. After five years fighting to revive the 53-year-old brand, the company decided it was time to step back from physical stores and focus online.

“They deeply regret the impact of store closures on their team members and their customers, and we will be working now with teams across the country,” Bainbridge said.

“This is a hard day for hundreds of Jeanswest team members, and we will be working directly with them to provide clarity and information about the next steps.”

Close-out sales are due to begin immediately as the administrators begin restructuring the company.

“We will be opening the doors of all stores and selling online to clear all stock to secure a return to creditors,” Bainbridge said.

Harbour Guidance is an Australian subsidiary of Harbour Guide Ltd, a Hong Kong company owned by Chun Fan Yeung and his family interests.