Affordable jewellery retailer Secrets Shhh has been placed in administration to facilitate a potential sale of the business.
Secrets Shhh’s parent company, Secrets International Pty Ltd, appointed Kate Warwick, Kelly Trenfield and John Park of FTI Consulting as joint and several administrators on Wednesday.
Secrets sells sustainably sourced, laboratory grown and simulated diamond alternatives nationally through an online channel and 23 boutique stores.
The administrators are undertaking an urgent assessment of the company’s operations and have commenced a sales process and/or recapitalisation.
The company will continue to trade where stock is available, with orders placed on or after the administrator’s appointment processed and shipped as normal. It is not guaranteed that orders placed before December 10 will be fulfilled.
In addition, customers can redeem a gift card or store credit if they spend an equal or greater amount.
The administrators will organise the first meeting with creditors on November 19.
Secrets International and its subsidiaries, namely Secrets Wholesale, Secrets Shhh, Secrets Shhh Leasing, Secrets Shhh Franchising, Secrets Shhh Retail Leasing, Secrets Online, Simudia and Secrets Leasing, are subject to the voluntary administration.
This article was first published on sibling website Inside Retail.
