Another Giant Collapsed. It Has Been Popular All Over China, And Now 140 Stores In Australia Are Closed, And Thousands Of People Are Afraid Of Unemployment.

JeansWest JEANSWEST suddenly collapsed!

Whether Australian or Chinese, they are familiar with this brand.

Founded in 1972, JEANSWEST is one of the most representative Australian local clothing brands.

JEANSWEST (Jeanswest), a landmark retail brand in Australia, opened its first store in Perth in 1972, and now has 146 stores in Australia employing 988 employees.

In China, JEANSWEST was once popular. Since the first JEANSWEST opened in Shanghai in 1997, it has begun sweeping across the country. Because of its low price positioning and sales strategy, it has been loved by Chinese consumers in the vast number of two or three line cities. As of 2019, JEANSWEST has opened more than 2000 chain stores in 20 provinces in China.

Not only is China, but JEANSWEST's shop has expanded to every corner of the globe. The clothing brand has also been popular in Russia, the Middle East, New Zealand and other places. And no one had thought that such a once popular global fashion brand suddenly collapsed.

According to Daily Mail, after the closure of the Australian clothing giant JEANSWEST (Jeanswest), 146 stores in Australia were gradually closed, causing nearly 1000 people to lose their jobs.

Starting today, Peter Gothard and James Stewart of KPMG, an international accounting firm, have been appointed by the Australian government as voluntary trustees for JEANSWEST's operation in Australia.

Even so, the fate of the brand is still very optimistic.

Peter, partner of KPMG accounting firm, said: "JEANSWEST will continue to operate under KPMG trusteeship, while executives will make an urgent analysis of the business." "Executives will consider restructuring or selling the Australian clothing brand and seeking the urgent intention of interested parties to purchase or invest in the business."

James Stewart, head of KPMG retail and restructuring business, said that, like many other retailers, JEANSWEST is also challenged by the current severe market environment and the pressure of online retailers to compete.

"The government has provided opportunities for JEANSWEST restructuring to better cope with the challenging Australian retail market," he said.

It is reported that the operation of the company outside Australia will not be affected by the government. That is to say, at present, China's JEANSWEST will not receive the impact of the failure of its parent company for the time being, but it will be very difficult after that.