- Angela Gonzalez-Rodriguez |
New York – Pavement owner Stepgen Meurs announced Thursday it has put the fashion brand in the hands of administrators. The goal is finding an investor that helps the fashion chain stay afloat.
The company was placed into voluntary administration this week. Pitcher Partners Andrew Yeo and Gess Rambaldi were appointed administrators and are preparing the business, which has 26 stores across Australia and an online channel, for sale.
“The timing of the pandemic was just what we didn’t need but we think there’s room for an investor to take the right steps to build on the work that’s already been done,” said Meurs in comments published by ‘Ragstrader’.
“When we get out of this, the marketplace will have fewer players and our customer will still want what she wants — we know her well, we understand her needs. We also know our staff back the brand and they are revved up, knowing that this market has a lot of untapped potential,” further added Pavement’s owner.
Commenting on the move, one of the recently appointed administrators, Andrew Yeo, explained that the business would continue to trade and sales in states that had moved past lockdown were optimistic.
“As a brand Pavement will be well-known to many parents but, as with so many other retailers, 2020 has been a very difficult year,” Yeo said, advancing that “We will be keeping the business trading while we undertake a review and will be considering offers for sale.”
The first creditors meeting is scheduled for July 3.