Cosmetics brand Napoleon Perdis has gone into administration. The Sydney Morning Herald reported this morning that Worrells Solvency Accountants has been appointed as administrators of the business.
The brand currently has 56 stores in Australia, including concessions in Myer. All will be shut today for a stocktake, before reopening tomorrow as the sale process is undertaken.
SMH released snippets of a statement from Perdis in which he said there was still high demand for the brand and that restructuring the business would put it in a "prime position to continue to evolve through continued trade or in a sale."
Perdis lives in Athens with his wife and is thought to employ "hundreds" of staff. Worrells will be seeking buyers or investors for the company and expect to see significant interest.
