Key takeaways
- Cue Clothing Co, the Sydney-based owner of the Cue and Veronika Maine womenswear brands trading since 1968, has been placed into receivership and voluntary administration across its Australian parent and New Zealand entities, after a prior sale process run by owner Hilco failed to secure a buyer.
- FTI Consulting has been appointed receivers and managers and BDO as voluntary administrators; the 51-store Australian network, four New Zealand outlets, and department-store concessions with Myer and David Jones continue trading while a going-concern sale process begins immediately, with the impact on jobs still unclear.
- The receivers’ own framing that increased sales and operational improvements were not enough to offset overheads points to a structural cost and footprint problem rather than a simple demand shortfall, which is the more investable read for a prospective acquirer.
Cue Clothing Co, the long-running Australian owner of the Cue and Veronika Maine womenswear labels, has fallen into receivership and voluntary administration after a pre-appointment sale process by owner Hilco failed to find a buyer, with FTI Consulting and BDO now overseeing continued trading and a fresh going-concern sale process.