Sydney-based denim and street-wear label Ksubi, founded by Dan Single, Gareth Moody and George Gorrow in 1999, has closed. Insider Retail reported that all six retail stores around the country have shut their doors, and trading has ceased on Ksubi's online store. Insider Retail also reported that the company’s retail staff were informed of the closures this morning.
Ksubi's financial woes began in 2009 when the company went into administration. It was subsequently sold to the Bleach Group, which also owns the brands Insight and Something Else. Unfortunately, Bleach also announced their own voluntary administration last year. According to a former sales manager at Ksubi, the brand actually had record growth from 2010-2013, but was let down by poor management and overseas production partners.
Though the label’s online store displays a “back soon” placard, this closure follows the termination of the label’s contract with David Jones in mid-2013. While unfortunately not a surprise, this is a disappointment for the brand's many fans, and another blow to Australia's besieged fashion industry.