Menswear retail chain Man to Man has collapsed into voluntary administration, putting the future of 82 stores in doubt a week before Christmas.
Ferrier Hodgson partners James Stewart and Brendan Richards were appointed voluntary administrators for Toman Investments and Man to Man (Imports), trading as Man to Man menswear, on Wednesday, December 17.
The administrators said in a statement they are seeking urgent expressions of interest for the chain, which was founded in 1981 and turned over $39 million in the last financial year.
Creditors are owed a total of $28 million, which includes $7 million owed to trade creditors and landlords, $13 million owed to related parties and $8 million owed to other creditors.
Man to Man employs approximately 400 people and Ferrier Hodgson said it expects all employee entitlements will be paid in full.
Administrator James Stewart said in the statement the collapse was caused by a “failed investment decision in a men’s show retail chain and tough retail trading conditions during 2014”.
“The business is continuing to trade normally while the administrators conduct a marketing campaign and seek offers for the sale of the business as a going concern,” Stewart said.
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