Online furniture retailer Zanui has been rescued from voluntary administration by one of Australia’s largest homewares wholesalers, with the merchant recapitalised and ready to trade through Christmas.
Zanui suddenly entered administration in late October, shocking fans of the popular retailer and leaving a number of shoppers out-of-pocket, unable to process returns, refunds or any orders.
At the time, the company was “urgently” seeking a buyer, and today chief executive Yosuke Hall announced it has found a backer, with the online retailer “reinvigorated and recapitalised” after partnering with wholesaler Marlin Brands.
Marlin’s brands include homewares brand Albi, kitchen storage brand Decor, gifts company Independence Studios and technology brand Pacific Optics. It supplies over 18,000 retailers across Australia and is owned by investment houses Oaktree Capital Management and Alceon Group.
Alceon is a prominent shareholder in Australia’s retail landscape, holding a majority stake in Mosaic Brands (formerly Noni B), along with EziBuy and Surfstitch. Oaktree is also the owner of surfwear companies Quiksilver and Billabong.
“This partnership provides Zanui with the backing and commitment to take its customer offering to the next level,” Mr Hall said.
“Partnering with Marlin and its global owners enables us to assure our customers that they can continue to trade on the Zanui platform and have every confidence in the financial stability, service experience and quality of the products we trade.”
Zanui is currently in the process of connecting with customers who had unfilled orders and said the company would continue to honour existing gift cards.
Having been rescued from the brink of collapse, Zanui has avoided the fate of other Australian retailers such as Harris Scarfe, which entered receivership last week just one month after being bought by private equity firm Allegro.
Womenswear merchant Bardot has also recently fallen victim to Australia’s tough retail market, entering voluntary administration in November with chief executive Basil Artemides claiming running a national retail network in its current state was “no longer sustainable”.
“Despite double-digit growth in online sales, and our highly successful expansion into the US and Europe, Bardot’s retail stores in Australia are competing in a highly cluttered, and increasingly discount-driven market,” he said at the time.
Both brands are currently seeking buyers.
Source: Thanks smh.com