Updated

Australian jewellery brand, Bevilles, has been placed in voluntary administration, with a proposed business restructure currently being put forward to creditors.

PPB Advisory has been appointed administrators. Decisions regarding which stores will be closed and the number of redundancies will be made during the voluntary administration period.

The announcement comes amid an extensive rebrand by the 80 year old jewellery group, which has 27 stores across Melbourne, Sydney, and Adelaide, and employs more than 450 people.

As part of Beville’s rebrand, which launched early last year, the family-owned chain intended to downsize its store footprints and remove its giftware line from its existing offer, shifting its focus solely to jewellery and watches.

Michelle Beville, whose grandparents founded the company, told Inside Retail Premium last year the company was planning to rollout between three to five rebranded stores by the end of the 2013, however, according to Beville “external factors” have impacted on the pace on the rollout.

There are currently two stores operating under the new format. The first rebranded store opened at Melbourne’s Highpoint Shopping Centre in October followed by a second at Westfield Liverpool in Sydney’s west.

“To date, our two smaller, smarter new look jewellery only format stores have demonstrated this is the right strategy for the brand to move forward,” Michelle Beville, CEO, said.

“However we have been constrained by external factors that have not allowed us to move to the new formats as quickly as planned.

“Our aim is to minimise closures and retain as many employees as possible.”

“Despite this being a very difficult decision, we believe this path offers the best possible outcomes for everyone and helps ensure that this much loved 80 year old brand continues.”