In an address to all employees, Australian jewellery brand Bevilles this evening announced the company has entered into Voluntary Administration and developed a proposal to restructure the business.
In line with a strategy communicated in January 2013, Bevilles said it would phase out giftware to focus on smaller, smarter new-look jewellery-only format stores. To support the new strategy a pilot programme was launched in Victoria and New South Wales.
CEO Michelle Beville said,
“To date, our two smaller, smarter new-look jewellery-only format stores have demonstrated this is the right strategy for the brand to move forward with.
However, we have been constrained by external factors that have not allowed us to move to the new formats as quickly as planned.
Our aim is to minimise closures and retain as many employees as possible.
During this time my thoughts go out to all the fabulous people associated with Bevilles, our team, customers and suppliers who have been great supporters of the brand.
Despite this being a very difficult decision, we believe this path offers the best possible outcomes for everyone and helps ensure that this much-loved 80 year old brand continues.”
Decisions regarding which stores will be closed and the number of redundancies will be made during the Voluntary Administration period. Bevilles expects to reach a prompt agreement with creditors.
During this period, layby customers will be given an opportunity to finalise and collect their laybys.
It is the intention that gift cards remain valid and Eternity Club loyalty points and credit notes are suspended. However, should the Beville family’s proposed restructure succeed, they will be reinstated.
“The proposal includes putting forward an offer with the intention that the fabulous Bevilles brand will continue to fulfil the needs of our loyal Eternity Club Members and customers,”
The proposal to restructure the business will be put to creditors and be assessed by PPB Advisory who was appointed as Voluntary Administrator today.
Please continue to visit www.bevilles.com.au for updates during this period.
This information was kindly provided by Bevilles Jewellery. The original text and announcment can be viewed and read here: http://www.bevilles.com.au/bevillesannouncement