Colette by Colette Hayman finds a buyer, but more than 100 retail stores will close

Women's fashion retailer Colette by Colette Hayman has been saved from collapsing, but more than 100 retail stores will be closed.

The brand, which specialised in handbags and accessories, was placed into voluntary administration in late January this year under the care of Deloitte Restructuring Services.

Yesterday the administrators said they had found a buyer for the brand in an investor team headed by former Myer CEO Bernie Brookes and former Woolworths executive John Skellern.

READ MORE: Colette by Colette Hayman collapses, placing 300 jobs at risk

The new owners will run a "streamlined" network of 35 stores, down dramatically from the 138 bricks and mortar retail offerings the brand had before administration.

Administrator Sam Marsden from Deloitte said finding a buyer for the business has protected the livelihoods of hundreds of Australians.

"We are very pleased to have secured the future of this business and jobs for close to 300 employees, including nearly 100 permanent roles," Mr Marsden said.

"The sale of the business to a group of experienced retail investors represents a significant achievement in the current environment, and reflects the strength of the brand and the commitment of the group's employees to its future."

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Mr Marsden said the challenges presented by COVID-19 have shown great "resilience" and "tenacity" within the Colette management team.

"It follows a robust due diligence process, undertaken in the midst of the market uncertainty brought on by COVID-19, which saw several parties submit offers," Mr Marsden said.

"The new owners bring with them a significant track record in Australian and international retail and are well positioned to reinvigorate the brand across a streamlined 35-store network across Victoria, New South Wales, South Australia, Queensland and Western Australia, and a strong online platform."

Prior to entering administration, the business was recording annual gross sales of over $140 million.

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