Apparel wholesale and retailer Biron Apparel (ASX:BIC) has been placed into voluntary administration by its directors.
“The company is hopeful that this action will allow the company to deal with all outstanding matters and determine what, if any, future the company may have,” Biron said in a statement.
Biron yesterday appointed Perth-based BRI Ferrier as its administrator.
In March, the company warned that it had been unable to raise capital required for planned acquisitions of various clothing labels and companies, despite “assurance from different groups that [capital] would be forthcoming.”
Biron had planned to acquire the Big Undie label, Wishbone Distribution, controlling stakes in Mercury Brands and Big Aussie Icon and 50% of New Zealand Sports Merchandising.