The parent company of an Australian fashion chain with more than 40 stores has been placed in administration.

Grace Fashion, the parent company of SES Fashions, appointed Stewart Free, Bradd Morelli, and Sule Arnautovic of Jirsch Sutherland as administrators on April 22.

The value conscious clothing chain, which operates more than 40 retail stores nationwide, reportedly has debts of around $12 million. 

A creditors meeting is scheduled for May 2 in Sydney.