General Pants and The Iconic Emerge as Potential SurfStitch Buyers

Is the face of retail about to change again?

A couple more potential buyers have emerged as would-be owners of the embattled SurfStitch business.

Last week the AFR reported that FTI Consultants who were appointed SurfStitch’s administrators back in August, had received proposals from online fashion retailer, The Iconic and bricks and mortar retailer General Pants, who itself had recently ramped up its presence in the ecommerce space as well as entering the US market.

Adding to the options presented to the board was a third deed of company arrangement, proposed by Surfstitch’s non-executive director Abigail Cheadle, reportedly given the “full support” of co-founder Lex Pedersen according to the new report from the AFR.

The Iconic’s CEO Patrick Schmidt confirmed to the AFR that he has been in talks with SurfStitch but declined to comment further.

While the Billabong Group were also reportedly conducting due diligence on the SurfStitch business, it is understood that they have subsequently withdrawn from the process.

The deadline for all new proposals for the SurfStitch business was Friday last week, with the administrators report due on the 21 December and a deadline of 2 January for the second meeting of creditors.

Whatever the outcome, 2018 is set to start with a definite change in retail landscape once more.

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