Fashion chain Ojay folds
Lowe Lippmann accountancy firm partners David Coyne and Gideon Rathner were both appointed joint administrators on Friday.
“I can confirm I was appointed joint administrator on Friday 31st August,” Mr Coyne said today.
He would not comment further.
The Melbourne-based fashion chain, which has been operating since 1976, has 22 stores in Victoria, NSW, Queensland and Western Australia.
Australian Retailers Association president Russell Zimmerman said he hopes the administrators will be able to save the women's clothing store.
“One would have to assume there will some store closures and staff losses,” he said.
“One is not overly surprised Ojay has gone (under) purely because the sector is under pressure.”
Australian retail spending fell 0.8 per cent in July, according to data released by the Australian Bureau of Statistics on Monday.
Mr Zimmerman said rising tenancy rents and weekend penalty rates had put pressure on retailers.
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