Gregory Andrews of insolvency firm GS Andrews and Associates confirmed the Midas and Mollini brands had been sold to the Munro family, trading as Styling Services, while the Scooter brand had been sold to Tony Bianco. A numnber of brands were still looking for buyers, including the Emporio, Evelyn Miles and Shoobiz brands.
According to ASIC documents, Figgins was placed in voluntary liquidation after a wind-up application from a creditor on February 18. Reports in the Australian Financial Review put the company’s debts at more than $18 million.
Figgins once operated 140 stores around Australia.
The company’s demise comes just over 12 months after it announced the closure of the Shoobiz chain, incurring the loss of 220 jobs. Figgins later shut selected Evelyn Miles stores and rebranded others as Midas stores, before selling the Florsheim brand.
As reported in SmartCompany earlier this month, data from researcher IBISWorld shows revenue at Figgins Holdings plunged 33.5 per cent during 2008-09 to $94.5 million. The company’s employee numbers fell 78.1 per cent to 200, a significant drop from the 832 staff Figgins employed three years ago.