Australian jewellery retailer Secrets Shhh has been placed into administration, with a sales process underway in order to find a potential buyer.
Kate Warwick, Kelly Trenfield and John Park of FTI Consulting were appointed as joint and several administrators of the retailer’s parent company, Secrets International Pty Ltd, on Wednesday.
Secrets International and its other subsidiaries – including Secrets Wholesale, Secrets Shhh Leasing, Secrets Shhh Franchising, Secrets Shhh Retail Leasing, Secrets Online, Simudia and Secrets Leasing – are all subject to the voluntary administration.
Secrets Shhh is known for its affordable jewellery range as an alternative to luxury items – selling sustainably-sourced, laboratory grown and simulated diamond alternatives across Australia.
There are 23 stores located throughout Australia in addition to an online shopping platform.
In a statement, Mr Park said: “The business is trading as usual as much as possible while the Administrators undertake an urgent assessment of the company’s operations, and have commenced a sales process and/or recapitalisation of the Group”.
The company will continue to trade as usual, with the expectation that orders place on or after December 12 will be…