Clothing retailer Trims has a new owner.
The family-owned clothing store went under in mid-May owing around $3.2 million to unsecured creditors and $580,000 in staff wages and entitlements.
A decision was made shortly after to liquidate the business
Liquidator Andre Strazdins of BRI Ferrier said he had reached an agreement for a new owner to take over the “Trims” business name and trademark.
“The new owner however is planning to relaunch the business in the near future and has decided not to take the existing stock,” Strazdins said.
“We therefore need to clear a wide range of clothing including menswear, ladies wear, workwear, hospitality and business attire and assorted footwear.
“Proceeds of the sale will help repay the creditors.
“This three-day only sale presents a great opportunity for South Australian shoppers to purchase some high quality clothing at bargain prices.”
The liquidation sale runs from Friday (September 13) through to Sunday, with more than $900,000 worth of stock offered at heavily discounted prices at the Trims store at 322 King William St, Adelaide.
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A well-known South Australian business, Trims operated in the local retail industry for approximately 75 years but poor trading conditions saw it come into financial difficulty.
“This has been a complex administration and liquidation process which required negotiation with 37 different stock suppliers and then several groups interested in buying the business,” Strazdins said.
“Various offers were received and we’ve now reached a purchase agreement with one party.”
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