Co-founders Dan Single and George Gorrow said they had been Co-founders Dan Single and George Gorrow said they had been "struggling to achieve the margin necessary to fund the growth and development of the brand".

Voluntary administration was the "only way to ensure the future of ksubi", they said in a statement.

"We are and will remain fully committed to the ksubi brand and in assisting the administrator to achieve the best possible outcome," they said.

The pair said there had been "significant attempts" in recent times to address ksubi's financial difficulties. These had included "licensing the manufacturing and distribution of the brand to a culturally aligned, Australian-based company with overseas production experience and networks".

"However, despite best efforts it has not been possible to formalise a new restructure leading to the appointment of an administrator," the pair said.

"Ksubi is grateful for the loyalty shown by its suppliers through this difficult period."

The ksubi label, created in 2000, is well known for its jeans and denim range. There are three ksubi stores in Australia and one in New York. The company employs about 20 people.

Administrator Paul Billingham said in a statement it was "business as usual" for ksubi.

"Our job is to try and preserve the inherent value of the business and we will be working closely with the directors and key stakeholders to do this,"he said.

It was understood that Westpac had pushed for administrators to be appointed.
POST: 2024-04-29