COVID-19 the final nail in Tigerlily coffin

Swimwear retailer Tigerlily has collapsed into voluntary administration, the latest retail victim floored by the COVID-19 pandemic.

Founded by model Jodhi Meares in 2000, the company's 30 nationwide stores are likely to be closed. Tigerlily employs 200 staff.

In a statement, administrators from KordaMentha said Tigerlily had made the decision after carefully considering the current state of the retail sector.

Administrators said the COVID-19 pandemic was "significantly inhibiting" the day-to-day operations of the retail chain.

The business was most recently owned by private equity firm Crescent Capital Partners (CCP). Surfwear giant Billabong sold the brand to CCP for $60 million in 2017.

Last year Tigerlily  underwent a significant rebranding exercise in an effort to boost sales.

Unemployment rates in Australia could soar higher than 15 per cent, the Sydney Morning Herald reported today.

Yesterday 9News captured striking images of huge lines outside Centrelink offices around the country, as many businesses were forcibly closed at midday.

Australia is currently on a Level One lockdown, with more stringent measures currently being held back by Prime Minister Scott Morrison.

Level Two restrictions will likely see more closures of businesses deemed non-essential, similar to new laws action in the UK today.