Colette by Colette Hayman has found a buyer, but more than 100 retail stores will be closed

Collette’s women’s fashion store has been saved by Colette Hayman from collapse, but more than 100 retail stores will be closed.

Yesterday officials said they found a buyer for the brand in an investor team headed by former Myer CEO Bernie Brooks and former Woolworths CEO John Skellern.

The new owners will run a “streamlined” network of 35 stores, down significantly from the 138 brick-and-mortar retail offerings the brand had in pre-management.

Director Sam Marsden of Deloitte said finding a buyer for the company has protected the livelihoods of hundreds of Australians.

“We are very pleased to secure the future of these businesses and jobs for nearly 300 employees, including nearly 100 permanent positions,” Marsden said.

“Selling the business to a group of experienced individual investors represents a significant achievement in the current environment, and reflects the strength of the brand and the commitment of the group’s employees to its future.”

Mr Marsden said the challenges posed by COVID-19 showed great “resilience” and “tenacity” within the Collette management team.

“It follows a rigorous due diligence process, conducted in the midst of the market uncertainty caused by COVID-19, which has seen many parties bid,” Marsden said.

“The new owners bring with them a proven track record in Australian and international retail and are well positioned to revitalize the brand via a streamlined network of 35 stores across Victoria, New South Wales, South Australia, Queensland and Western Australia, as well as having a strong online platform.”

Before entering management, the company was recording total annual sales of over $ 140 million.