Boutique stationery retailer kikki.K has filed for voluntary administration.

 

Founded by Kristina Karlsson in 2001, the company operates more than 60 stores with 450 employees across Australia, New Zealand, Hong Kong and the UK. The company also sells online to more than 150 countries.

 

In a statement, Karlsson said: “It is with profound regret and sadness that we take this action,” Karlsson explained. “This business began with a young girl’s dream 20 years ago and became an international success story with customers in over 150 countries.”

 

Paul Lacy, kikki.K’s CEO,  said they tried to secure an international buyer of the company.

 

“But we ran out of time and had no choice but to place the company into external administration,” he said.

 

Lacy, said the chain had been "caught in a perfect storm", with its British stores affected by Brexit woes and its Hong Kong outlets rocked by ongoing protests there.

 

The company has been placed into receivership with Cor Cordis. Jim Downey of J.P. Downey & Co has been appointed the administrator of the company.

 

Barry Wight from Cor Cordis, told the ABC that the retail chain had been struggling for some time, but that poor summer trade had likely exacerbated its problems.

 

"There really just wasn't enough spending money during the December and January period," Wight said.

 

"Certainly we've had an impact of bushfires in December and then most recently the impacts of the coronavirus," he said.

 

The company, which has sales of around $70 million a year, will continue to trade while its future is being decided.