One of Australia's most iconic swimwear and women's beachwear brands is all at sea after 45 years in business, and will be sold off as part of an administration process announced yesterday.
A "crippling impact" from the COVID-19 pandemic led Seafolly to make the tough decision, appointing Scott Langdon and Rahul Goyal of KordaMentha Restructuring as voluntary administrators.
The appointment also includes entities relating to Sunfolly's bikini and swimwear business Sunburn.
The future of Seafolly, its 56 stores and more than 120 employees is now uncertain, although Langdon is optimistic there will be strong demand for a buyer.
"Given the quality of the brand and its reputation, there will inevitably be a high level of interest in purchasing the business," says Langdon.
Interested parties can contact KordaMentha's Sydney office, while Langdon explains it will be business as usual for customers.
"All Seafolly gift cards and the popular Beach Club Rewards points will continue to be redeemable at all Seafolly stores," he says.
"We encourage all loyal Seafolly customers to come to the retail stores and redeem their Beach Club Rewards, plus earn more points."
Seafolly was founded in 1975 by Holocaust child survivor Peter Halas, and currently has a retail network of 44 stores throughout Australia and 12 stores overseas.
Updated at 9:56am AEST on 30 June 2020.