Australian fashion brand Suboo, worn by international stars including Gigi Hadid and Kendall Jenner, has collapsed after nearly 15 years, with reported debts of at least $655,000.
Records from the Australian Securities and Investments Commission show Suboo Pty Ltd, the company operating the label, entered liquidation on October 1 after members voted to wind up the business.
A spokesman for Suboo attributed the decision to escalating operating costs, global economic uncertainty and major shifts in the international fashion and retail sectors.
‘Although there were options to continue navigating the current economic climate, we ultimately did not believe it was responsible or commercially viable to keep operating the business in its existing form,’ the spokesman said.
‘Many of these factors have been beyond our control and are affecting the wider industry.’
Documents cited by the Daily Telegraph state that Suboo Pty Ltd owed creditors at least $655,000.
Among the debts were $105,162.50 owed to finance company Wayflyer, $140,232.89 to Shopify, $60,909.41 to DHL and $58,299.49 to FedEx.
The figure also included $239,000 in overdue invoices, with garment manufacturer Swell Ltd owed $51,840.66.
Australian fashion label Suboo, worn by global models including Gigi Hadid and Kendall Jenner, has entered liquidation after nearly 15 years, with reported debts of at least $655,000
ASIC records show Suboo Pty Ltd entered liquidation on October 1 after its members voted to wind up the company
YOU MAY ALSO READ: Real Estate Experts Reveal 10 Ways to Start Investing in Property
Suboo’s website was unavailable on Tuesday and displayed the message: ‘We are undergoing website maintenance and will be back online soon!’
Two employees were reportedly owed a combined $170,700 in entitlements, including annual leave and long service leave.
Suboo was also listed as being owed $108,507.36 by US fashion rental company Rent the Runway, $5,268.57 by Anthropologie and Nuuly, and $1,230 by Argentina Boutique in Geelong West.
The documents reportedly showed the company had $1,854.16 in cash, $111,852 worth of stock and equipment valued at $2,389.
The company spokesman said customer orders had been completed and customer obligations were being handled ‘to the best of the company’s ability’.
Suboo’s website remained offline on Tuesday, carrying a notice that read: ‘We are undergoing website maintenance and will be back online soon!’
The brand has not posted on social media since September 30, while comments have been disabled on its latest posts.
Daily Mail has contacted Suboo, its liquidator, Wayflyer, Shopify, DHL, FedEx, Swell Ltd, Rent the Runway, Argentina Boutique, Anthropologie and Nuuly for comment.
– READ MORE: Cue shuts stores across the country: What really went wrong for the Aussie retail giant