Makeup giant Napoleon Perdis was on the brink of collapsing for a year before it finally went under - as it's revealed 28 stores will close immediately
- Flailing beauty chain Napoleon Perdis was forced to close almost half its stores
- The make-up giant was reportedly on the brink of collapsing for nearly a year
- Owner Mr Perdis said the closures were a 'necessary and anticipated step'
Beauty chain Napoleon Perdis was reportedly on the brink of collapsing for a year before being forced to close over half its stores this week.
Administrators from Worrells Solvency and Forensic Accountants were called in to take control of the business on Thursday.
It is understood that owner Napoleon Perdis has been trying to sell his cosmetics empire for the past 18 months.
On Monday, Worrells said that 28 of the make-up giant's 58 stores would close with immediate effect.
Beauty chain Napoleon Perdis was reportedly on the brink of collapsing for a year before being forced to close over half its stores this week (pictured: Napoleon Perdis)
The make-up giant is closing 28 of its 58 stores across Australia with immediate effect
Owner Napoleon Perdis is understood to have been trying to sell his cosmetics empire for the past 18 months
A statement filed by Worrells to the Australian Securities and Investments Commission on Monday shows that the firm's Simon Cathro first held meetings with Napoleon Perdis on March 29, 2018.
At that meeting with Mr Perdis and his brother and co-owner Emanuel, they discussed its 'financial position and insolvency options'.
Mr Cathro met with the company again in April, May and August that year, and by September the situation had deteriorated to the point where they were discussing 'preliminary planning on insolvency options'.
A statement filed by Worrells to Australia's corporate regulator on Monday shows that the firm's Simon Cathro first held meetings with Napoleon Perdis on March 29, 2018
At that meeting with Mr Perdis and his brother and co-owner Emanuel, they discussed its 'financial position and insolvency options'
The Perdis brothers met Mr Cathro once more on November 7 to discuss their administration options, and on Tuesday and Wednesday last week met again to appoint Mr Cathro as administrator.
The documents show the Australian Taxation Office is just one of the creditors still waiting to be paid.
Worrells is now attempting to sell or restructure the business to keep it alive.
'Today's closures are a necessary and anticipated step,' Mr Perdis said in a statement released on Monday.
'And while it feels like a sad time, this is not goodbye, and it gives us the best opportunity to keep the business trading.'
Worrells is now attempting to sell or restructure the business to keep it alive
'Today's closures are a necessary and anticipated step,' Mr Perdis said in a statement released on Monday
The collapse of the beauty store has been attributed in part to the rise of Sephora in Australia, and the success of rival Australian chain Mecca
Napoleon Perdis had over 600 employers in 2015 and it is unclear how many will lose their jobs.
The collapse of the beauty store has been attributed in part to the rise of Sephora in Australia, and the success of rival Australian chain Mecca.
High-profile make-up artist Napoleon Perdis, 48, resides in Sydney and first began selling his own line of cosmetic products in 1995 from a store in Paddington.
His products later went on to be sold in major department stores nationwide and his business expanded across sea to the US.
High-profile make-up artist Napoleon Perdis, 48, resides in Sydney and first began selling his own line of cosmetic products in 1995 from a store in Paddington
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