The administrator of Sydney suit-maker Herringbone and upmarket stablemate Rhodes & Beckett will sell off the luxury stock in a bid to save the brands in Australia and give any potential new owner a clean slate.
The licensee of the upmarket clothing brands in Australia went into voluntary administration in February, and negotiations to sell the businesses are continuing.
Administrator Cor Cordis has decided to slash the prices of all current stock in order to offer a new owner a fresh start.
"We've decided that the best way for the brands and businesses to be sold and survive in the long term is for the current inventory to be cleared, paving the way for a purchaser to start fresh with a new product range and offering," Cor Cordis managing partner Bruno Secatore said.
The administrator said it hoped to provide an update on the sale of the businesses shortly.
Herringbone is one of a number of retailers that have called in administrators in recent months as unseasonable weather conditions and increased competition from global behemoths like H&M; have hurt local brands and hollowed out the discretionary apparel sector.
Mr Secatore earlier this year identified rising overheads, unfavourable leases, changing consumer behaviour and digital sales as the common threads in recent retail collapses as well as deep discounting.
AAP and BusinessDay