Collapsed stationery retailer kikki.K has been saved from administration by a US-based buyer which will see the business continue to operate with a reduced store footprint in Australia., blaming a "perfect storm" of retail conditions for the failure, including Brexit, civil unrest in Hong Kong, a shift to more customers buying online and the coronavirus pandemic.
Thirty stores and 250 jobs will be retained under the newly restructured business, with 35 stores set to shut and around 200 jobs to be lost. The majority of stores will be Australian-based, with two in New Zealand, one in Singapore, and two in Hong Kong.Co-founders Kirstina Karlsson, who started the business in 2001, and Paul Lacy will continue to run the business and will remain shareholders, with kikki.K operating as an Australian sister company to Erin Condren.
"It’s a great feeling to come through it with a brilliant result in the circumstances and with the overwhelming support of creditors."