Nobody Denim: Popular Aussie jeans brand sold on The Iconic and David Jones goes bankrupt for a staggering sum
Popular Australian clothing brand Nobody Denim has declared bankruptcy after racking up $3.6 million in debt.
The brand, best known for its range of jeans, went into voluntary bankruptcy on October 10.
The company launched in Melbourne in 1999 and was available in both The Iconic and David Jones department stores.
The company’s largest creditor is the manufacturer, Denim 108, which is owed $2.6 million. Ragtrader reported.
PayPal and Australia Post also have tens of thousands of debts.
Popular Australian clothing brand Nobody Denim has declared bankruptcy after racking up $3.6 million in debt
The brand, best known for its range of jeans, went into voluntary bankruptcy on October 10
According to the release, three employees were also underpaid for their wages, annual leave and severance payments, owing $53,000.
The company reportedly had just over $16,000 in the bank when it went under.
Good news for Nobody Denim fans, however, is that the brand has been acquired by Queensland clothing company Outland Denim.
Nobody Denim is available in more than 100 stores across Australia and New Zealand, with the first store opening in Melbourne’s Fitzroy in 2008.
The brand also went international and can be found in department stores in Hong Kong, the UK and the US.
It is understood that five Nobody Denim employees will be retained by Outland Denim.
Nobody Denim was founded by John Condilis and has a loyal customer base of 60,000.