SurfStitch - Voluntary Administration

SurfStitch, one of the largest online surf and skate retailers in the world, entered voluntary administration on 6 June, with Edwin Narayan and Domenic Calabretta of Mackay Goodwin appointed as voluntary administrators.

The company has a storied past. Having been established in 2007, SurfStitch was listed on the ASX in 2014 and reached its peak about a year later, when it was estimated to be worth $500 million.

However, in 2017, facing shareholder lawsuits and an ASIC investigation, SurfStitch entered administration and was purchased by retail group Alquemie, which operates General Pants Co. and Lego stores in Australasia.

Alquemie held onto SurfStitch until last month, when it sold the company to a buyer whose identity hasn’t been revealed.

Now, SurfStitch has again entered voluntary administration and is facing a winding up application by Nike Australia which is scheduled to be heard on Wednesday.