Australian cosmetics empire Napoleon Perdis Group has gone into voluntary administration, putting jobs and 56 local stores at risk.
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Company directors had been trying to find a buyer for months. The company operates a store at Wollongong and Shellharbour.
The struggling brand was created in 1995 by Australian makeup artist Napoleon Perdis, who started with a concept store in Sydney before expanding the company overseas in 2004.
Administrators Simon Cathro, Chris Cook and Ivan Glavas of Worrells Solvency Accountants will now consider a restructure or pursue the sale option while the business continues to trade.
All Napolean Perdis stores closed on Thursday for a stocktake and are scheduled to reopen on Friday with an expected sale campaign.
The collapse of the company, which follows similar woes at retailers including Laura Ashley, Roger David, Marcs, Pumpkin Patch, Payless Shoes and Rhodes & Beckett, comes after the arrival of international beauty products competitors Mecca and Sephora.
"The Napoleon Perdis brand is an iconic brand of Australia with substantial value and relevance within the cosmetic industry both for Australian and international markets," Mr Cathro said.
"Our understanding of the brand and its businesses has only strengthened our assessment of its potential business performance and profitability".
Mr Perdis said he and his family were committed to achieving the best outcome for all stakeholders.
"The brand is still in high demand from our customers and is more innovative than ever," he said.
"So restructuring the business in this manner, we believe, puts it in a prime position to continue to evolve through continued trade or in a sale."
Worrells said it will continue to trade all stores as usual and undertake daily assessments of the stores throughout the administration process.
The Napoleon Perdis Group has an exclusive agreement with Priceline, who vouched its support of the business during the administration process.
Napoleon Perdis launched in over 200 Priceline stores from August 2018.
AAP
