The Sydney-based fashion brand confirmed to Inside Retail it had appointed Mike Smith of Smith Hancock as its voluntary administrator “in order to restructure the business in the wake of well documented difficult trading conditions in the fashion industry”.
Founded in 2005, Josh Goot has two standalone stores in Paddington, Sydney and Armadale in Melbourne, with both expected to continue to trade. The wholesale arm of the business will also continue to operate.
Founder of the label and creative director, Josh Goot, said the business will work with administrator and creditors “in the best interests of our staff, suppliers, customers and all those who have partnered with our business”.
“The retail market has witnessed a prolonged downturn since the GFC in 2008 and we are proud that we have been able to sustain and grow the business throughout the challenging period, while manufacturing exclusively in Australia,” Goot said.
“We now need to take some time to restructure to protect the long term interests of the brand and all involved.”
Goot said that he was very proud of what the company had achieved since it was founded in 2005.
He said it had become an influential Australian brand, occupying an important position in the Australian fashion landscape.
“Over the last 10 years, we have built a coveted designer label that is recognised and respected the world over. We aim to continue building that business with our investors, staff and trade partners, for many years to come.”