G+T has advised Barry Wight and Bruno Secatore of Cor Cordis in their capacity as receivers and managers of Swedish design and stationery brand Kikki.K on the sale of its Australian business to EC Designs, parent company of Erin Condren.
Kikki.K was placed into voluntary administration and receivership in March 2020 after battling difficult retail conditions and other challenges, including the December bushfires and the COVID-19 pandemic.
The sale was structured through a deed of company arrangement and involved complex tax and restructuring issues which were required to be resolved in an accelerated timeframe.
The sale provides an opportunity for Kikki.K to return to profitability by strengthening its brand presence across the US market and growing its e-commerce business, as well as allowing Erin Condren to expand internationally across target regions such as Europe and Australia. Importantly, the sale will ensure the continued presence of the popular retailer in Australia and the preservation of approximately 256 jobs.
Peter Bowden, who led the G+T team, commented that “Achieving this sale in the midst of a challenging retail landscape and global pandemic is a testament to the hard work, persistence and commerciality of the Cor Cordis and G+T teams who worked seamlessly together to deliver a great outcome for the company’s key stakeholders (including employees)”
G+T legal team
Peter Bowden (Partner), Anna Schwartz (Lawyer), Anna Ryan (Lawyer), Talia Lirosi (Lawyer) and Madelaine De-ludicibus (Graduate).
Lisa Lennon (Partner), Anna Smyth (Lawyer) and Joanna Tsaprounis (Lawyer).
Gilbert + Tobin’s Restructuring + Insolvency team is recognised by all major legal directories. Gilbert + Tobin was awarded Restructuring & Insolvency Law Firm of the Year (Australia) 2020 by Global Law Experts and won Insolvency & Restructuring Deal of the Year at the 2019 Australasian Law Awards.