An iconic Australian linen retailer has collapsed after almost 40 years.
Lorraine Lea Linen entered voluntary administration on Monday, appointing Andrew Yeo and Tim Bradd of insolvency firm Pitcher Partners Melbourne as administrators.
“Lorraine Lea Linen is an iconic National brand that many Australians have in their homes,” Yeo told 7NEWS.com.au.
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“It’s obviously a sad moment for the business owners, given they fought on through the COVID lockdowns which hit the business hard, but they have made the decision to enter Administration.
“Our role as Administrators is to realise the stock to pay creditors – and we have been overwhelmed by the response from customers.”
The business continues to trade, and earlier this week, it launched a 50 per cent off sitewide sale to clear stock.
“Since Monday afternoon when we launched the 50 per cent off all stock clearance, we have had nearly 4000 orders and more are arriving every hour. Well over $1 million of quality linen and towels have been sold in just three days,” Yeo said.
“We are now also preparing the company for sale, and we are optimistic of…