Cue and Veronika Maine Collapse Just 17 Months After Hilco Takeover

Cue Clothing Co, the nearly 60-year-old Australian fashion business behind Cue and Veronika Maine, has entered voluntary administration and receivership just 17 months after Hilco Capital acquired the business from its founding Levis family.

Duncan Clubb and Shaun McKinnon of BDO were appointed voluntary administrators of Cue & Co Pty Ltd, Cue NZ Pty Ltd and Cue International (NZ) Pty Ltd by the companies' director on 15 September. The companies' lenders subsequently appointed Kate Warwick and Vaughan Strawbridge of FTI Consulting as receivers and managers.

The receivers said that despite increased sales and other improvements across the group, those gains were not enough to offset the business's overhead costs. Hilco had put the business up for sale in August, appointing FTI Consulting to manage the process. The Australian Financial Review subsequently reported that chief executive Melanie Remai and chief financial officer Josephine Barbaro had both left the business during the sale process. A month after Cue was put on the market, administrators and receivers were appointed, with FTI now launching a fresh sale process for the businesses as going concerns.

The collapse marks another turn for a business founded by Rod Levis in 1968. In a 2023 interview with Ragtrader, Levis said the business was inspired by London's Carnaby Street, The Beatles and the youth culture of the 1960s. Cue went on to become one of Australia's longest-running homegrown fashion labels, entering Myer in 1970 and becoming an early adopter of the department-store concession model. The business remained under Levis family ownership for more than half a century before Hilco Capital acquired Cue and Veronika Maine for an undisclosed amount in April 2025.

Hilco subsequently embarked on a turnaround of the business. Ragtrader reported that Remai joined Cue in 2025 after previously serving as general manager of Country Road Group's Trenery. When Cue was marketed for sale this August, Inside Retail reported that sale materials pointed to improvements in product assortment, inventory management, supply-chain efficiency and digital marketing, with further revenue growth forecast for the business.

FTI is continuing to trade Cue and Veronika Maine while assessing the group's position and restructuring options. The receivers have launched a new sale process seeking offers for the businesses as going concerns, with the aim of securing the future of the brands and preserving employment.