Retail veteran Bill Wavish has led a consortium to acquire distressed Australian fashion label Cue Clothing and sister brand Veronika Maine out of receivership. Following September’s insolvency under Hilco Capital, FTI Consulting receivers closed 31 unprofitable storefronts—leaving a leaner, profitable core of 20 standalone locations alongside key concessions within David Jones and Myer. This restructuring eliminates legacy lease liabilities that weighed heavily on margins as hybrid work permanently depressed corporate apparel demand. 

Supply chain discipline and department store synergy

For department store operators like David Jones, retaining an established domestic anchor mitigates floor-space vacancies and preserves vital foot traffic. Wavish, Former Chairman, Myer, plans to restore inventory velocity ahead of the summer trading cycle while defending market share against low-cost international e-commerce entrants. A rationalized store network provides a commercially viable foundation for local garment manufacturers and wholesale partners," noted a Sydney-based retail restructuring analyst. Similar to recent mid-market apparel turnarounds, success hinges on tightening working capital, renegotiating landlord terms, and aligning local production with contemporary casualized workwear trends.

Eyeing a debt-reduced recovery 

Founded in Sydney in 1968, Cue Clothing Co. designs and manufactures contemporary womenswear and tailored workwear, operating Cue and Veronika Maine across Australia and New Zealand. Following a 2026 receivership and 31 store closures, the business is executing a debt-reduced recovery under Bill Wavish, focusing on 20 core boutiques and profitable department store concessions.