Iconic Aussie bikini brand Seafolly has gone into voluntary administration.
In a statement, the company cited the toll of the coronavirus pandemic as the reason for the collapse.
The company currently has 44 stores in Australia and 12 overseas. There are no Seafolly stores in New Zealand, but the company's products are sold at a number of local retailers.
Scott Langdon and Rahul Goyal of KordaMentha Restructuring have been appointed voluntary administrators. They said it would be "business as usual" as they assess the company.
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"All Seafolly gift cards and the popular Beach Club Rewards points will continue to be redeemable at all Seafolly stores," Mr Langdon said in a statement.
"We encourage all loyal Seafolly customers to come to the retail stores and redeem their Beach Club Rewards, plus earn more points."
Mr Langdon confirmed that KordaMentha would immediately commence a sale of the business, calling on interested parties to contact the Korda Mentha Sydney office. "Given the quality of the brand and its reputation, there will inevitably be a high level of interest in purchasing the business," he said.
Seafolly is the latest casualty to buckle under the pandemic's pressure. In May, clothing retailer Jigsaw announced it would close its Australian division, while the fashion heavyweight PAS Group announced they'd entered voluntary administration, leaving some of Australia's best-known labels facing an uncertain future.
The popular retailer was behind 225 shops across Australia and New Zealand, owns major brands including Review, Black Pepper, Yarra Trail, Designworks and JETS Swimwear and also supplies stock to Myer and other stores.
In March, rival swimwear brand Tigerlilly also collapsed into voluntary administration, blaming the economic downturn from COVID-19.
Other retailers to collapse recently include Harris Scarfe, Jeanswest, Ishka, Bardot, Kikki K, Colette by Colette Hayman and Bardot.
The announcement comes hot on the heels of a slew of other high-profile Australian businesses that have folded in 2020.
It started early on January 7 when it was revealed department store Harris Scarfe was set to shut 21 stores across five states over the course of just one month after the retailer was placed into receivership in December.
Just days later, McWilliam's Wines – the country's sixth-largest wine company that has been run by the same family for more than 140 years – announced it had also appointed voluntary administrators.
Then it was popular video game chain EB Games' turn, with the business confirming it was closing at least 19 stores across the country within weeks, while fashion chain Bardot is also planning to shutter 58 stores across the nation by March.
In January it also emerged Curious Planet – the educational retailer previously known as Australian Geographic, which is owned by parent company Co-op Bookshop – would pull 63 stores across Australia after failing to find a buyer for the brand, while denim chain Jeanswest entered voluntary administration that month and tech giant Bose also revealed it would close all Australian stores and 119 across the globe largely as a result of the rise of online shopping.
This year German supermarket Kaufland also pulled out of Australia before it had even begun, investing millions into the expansion before making a hasty exit this year to focus on its European offerings.
Handbags and accessories chain Colette by Colette Hayman was also placed into voluntary administration in late January, leaving 300 jobs and 140 stores in the lurch, while furniture, homewares and handicrafts store Ishka also collapsed in February.
And just weeks ago it was revealed denim icon G-Star had entered administration, with Ernst & Young's Justin Walsh, Stewart McCallum and Sam Freeman appointed administrators.
This year's dismal retail record follows a horror 2019 that brought the collapse of a slew of Aussie businesses, with some international players also folding in recent months.
Last January, menswear retailer Ed Harry went into voluntary administration, and a week later, Aussie sportswear favourite Skins also revealed it was on the brink of failure after applying for bankruptcy in a Swiss court.
At the end of the month, the Napoleon Perdis beauty empire appointed administrators although it was saved from liquidation by KUBA Investments three months later.
Footwear trailblazer Shoes of Prey also met its demise in March last year along with British fashion giant Karen Millen, which in September revealed it would soon shut all Aussie stores, leaving around 80 jobs in peril.
In October, celebrity chef Shannon Bennett's Melbourne burger chain Benny Burger was also placed into administration, followed by seven Red Rooster outlets in Queensland just days later and then Aussie activewear sensation Stylerunner, which has since been sold to Accent Group Limited.
In November, it was revealed that popular furniture and homewares company Zanui was in trouble after it abruptly entered voluntary administration, leaving angry customers in the lurch.
Later that month, Muscle Coach, a leading fitness company, was put into voluntary administration after a director received a devastating diagnosis and the company racked up debts of almost $1 million.
Then it was the famous Criniti's restaurant chain's turn to enter into voluntary administration, with several of the 13 sites across the country set to close for good. It was closely followed by discount legend Dimmeys.
Leading Australian fashion designer Alex Perry closed his only bricks and mortar store in Sydney's Strand Arcade in February, announcing he will focus solely on online.
In April, Italian restaurant chain Criniti's closed its doors for good, after rescue sales stalled due to the coronavirus outbreak.