An Australian jewellery chain, lead by Pandora’s former head of marketing, has been placed in administration.
Status, founded by Jeff Burnes in 2012, was placed in liquidation earlier this month, with debts reportedly exceeding $3 million.
According to local industry reports, administrator Dean-Willcocks issued a draft report revealing the estimated deficiency in the company’s assets to be more than $3.1 million, with unsecured creditors being owed $2.6 million.
The company first opened last May at Westfield Chatswood in Sydney. At the time of its debut the company stated it would open a further three stores in NSW in 2012, with an additional five earmarked for 2013, aiming for a total of 12 stores nationally.
Last December Status had five stores trading in NSW, however Inside Retail understands that only two stores were operating at the time of administration.
