Why is Kikki K shutting down?
Stationery chain Kikki. K has fallen victim to the impact of lockdowns in NSW, Victoria and ACT, announcing it has collapsed for the second time in 17 months, putting 300 Aussie jobs in jeopardy. In a statement, Mr Lacy added that sadly this was one series of lockdowns too many for the business to withstand.
Has Kikki K closed down?
K bought out of administration. Twice-collapsed stationery retailer Kikki. K has been thrown a lifeline by Brandbank Group, which said on Friday it intends on picking the brand up from the company’s administrators.
Can I still buy from Kikki K?
About half Kikki. K’s 36 stores in Australia and New Zealand are closed under stay-at-home orders and many of its 300-odd staff have been stood down. The retailer’s online business is trading, but online sales are not sufficient to offset the drop in bricks and mortar sales. K to miss crucial pre-Christmas trade.
Is Kikki K owned by Erin Condren?
EC Design, the parent company of Erin Condren, has officially announced the acquisition of the kikki. K brand. The acquisition was finalized on July 30, 2020 and both companies are working diligently through a smooth restructuring process that with hopefully save nearly 30 kikki.
What is the purpose of voluntary administration?
Voluntary administration is a process designed to give a company ‘breathing space’ from its normal operations. When a company is experiencing financial difficulty and cannot pay its debts, the company directors can appoint someone called an administrator.
What’s happening with Kikki K?
K were liquidated, but employee creditors would be paid in full. Mr Olde and Liam Healey were appointed administrators on August 26 after lockdowns in Victoria and NSW forced Kikki. K to close almost half its 36 stores, decimating sales at a time when EC Design was attempting to reduce high central overhead costs.
What is Kikki K Worth?
The company has 80 stores across Australia and sells its signature Swedish stationery and gifts to customers in 137 countries. According to Fairfax, kikki k returned to profit for the first time in four years in 2015, with sales increasing by 28% to more than $60 million.
How do I use a Kikki K gift card online?
Please enter your voucher code into the Apply Promo Code field on either the View Bag page or the payment page during checkout. Please enter your voucher code into the Use Gift Voucher field on the payment page during checkout. Please be advised that due to kikki.
Where is Kikki manufactured?
Most of kikki. K’s paper products are also made in China, though its letterpress cards, made on antique printing presses, are designed and manufactured at Melbourne’s Chapel Press on cotton paper sourced from the US.
Who owns Erin Condren?
Tonia Misvaer
Statement from Tonia Misvaer, CEO, Erin Condren: June 18, 2020. One of the reasons I joined the Erin Condren brand was because of the incredible community.
Is voluntary administration bad?
Depending on the outcome of the solvency review, directors need to consider what their strategy is. While voluntary administration is an option in the case of insolvency or likely insolvency, it is not compulsory. And in many cases – it’s a bad idea.
Is voluntary administration insolvency?
Voluntary Administration is a process where an insolvent company is placed in the hands of an independent person who can assess all the options available, and generate the best outcome for a business owner and for creditors.