Over 450 jobs are on the line as stationery giant kikki.K collapses into voluntary administration.
The future of its Aussie stores are in danger, with the company directors today announcing that they had placed the business into voluntary administration as falling sales weighed on the company’s bottom line.
Described as a “global everyday luxury stationery business”, kikki.K has 65 stores in Australia, New Zealand, United Kingdom, Singapore and Hong Kong, and boasts $70 million in annual revenue.
Founder of kikki.K Kristina Karlsson has expressed her sadness over the closure.
“It is with profound regret and sadness that we take this action,” she said.
“This business began with a young girl’s dream 20 years ago and became and international success story with customers in over 150 countries.”
The company’s CEO, Paul Lacy, admitted to trying everything to save the business in the past two years but to no avail.
“We ran out of time and had no choice but to place the company into external administration,” he said.
The company has been placed into receivership under Barry Wight and Bruno Secatore of Cor Cordis.