Australian stationery chain Kikki K has gone into receivership, putting the future of 450 employees in doubt. The company, which has a huge following for its pretty diaries, notebooks, pens and planners (there’s even a “Kikki K Addicts Australia” Facebook page), cites the tough retail environment as the reason for the voluntary administration.
A spokesperson for the company’s receiver, Cor Cordis, told the ABC the chain was already struggling financially due to a retail slump that has seen a number of companies struggle, including Jeans West, Bardot and Colette. The slump has been further exacerbated by the bushfires, coronavirus, Brexit and the Hong Kong protests.
The future of the business is currently uncertain, with the receiver saying it is investigating selling the chain or closing some stores. All stores currently remain open.
Kikki K was founded by Swedish-born Kristina Karlsson in 2001 when she struggled to find chic stationery for her home office. She took the minimalist Swedish design principles she grew up with and used them to create the stationery brand, which generated almost $70 million in sales last year.