This latest blow to the fashion industry comes as the embattled youth retail chain faces legal action that could see it placed into liquidation unless its alleged debts are paid.<\/p>\n
Earlier this month, General Pants Co was served with an insolvency claim by distributor UCC Australia, which alleges the company owes $69,835.92 for delivered stock.<\/p>\n
The distributor claims the unpaid invoices were for the supply of cameras and film between October and December last year.<\/p>\n
‘The goods were delivered and accepted by the debtor, and the invoiced amounts remain due and payable,’ court documents state.<\/p>\n
UCC Australia filed a winding-up order against the retailer earlier this month, according to a notice from the Australian Securities and Investments Commission.<\/p>\n
The order was lodged after General Pants Co failed to comply with a recent statutory demand to pay the alleged debt.<\/p>\n
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A\u00a0General Pants flagship store closed down in Sydney as the embattled fashion retailer prepares to fight a wind-up order over alleged debts<\/p>\n
General Pants Co has signaled its intention to oppose the winding-up application in a two-page response filed with the court last week.<\/p>\n
The company maintains that it is solvent and claims the debt to UCC Australia ‘has now been fully resolved.’<\/p>\n
The matter is scheduled to be heard in Victoria’s Supreme Court on August 20.<\/p>\n
This marks the second winding-up order filed against General Pants Co, following a similar application by logistics company Mainfreight last year, which has since been resolved.<\/p>\n
The closure of the retailer’s flagship Sydney store followed a viral social media post from a shopper promoting a 40 per cent storewide sale, fueling speculation about an impending shutdown.<\/p>\n
Some items already discounted were further reduced to $20, including jeans.<\/p>\n
‘This is literally one of the best sales I’ve ever seen,’ the woman said.<\/p>\n
‘There is a ton of stuff.’<\/p>\n
The George Street store has since closed and is now boarded up.<\/p>\n
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General Pants has been a fashion staple for Aussie youth since 1972<\/p>\n
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General Pants Sydney CBD store on George St recently had a massive storewide sale, sparking speculation. The store has since closed<\/p>\n
The retailer is currently running major promotions on its website, offering up to 60 per cent off.<\/p>\n
A spokeswoman told Daily Mail Australia that the CBD closure was a commercial end-of-lease decision, adding that new stores will open in the coming months.<\/p>\n
‘The reason for the closure was uncommercial rental expectations of the landlord,’ she said.<\/p>\n
‘Like every other retailer in Australia, we constantly review our store portfolio in terms of openings, closures and relocations. This is standard commercial practice.<\/p>\n
‘General Pants is actively expanding its store footprint and will be opening a number of new stores in the coming months.’<\/p>\n
She also dismissed claims about unpaid debts.<\/p>\n
‘This was a commercial matter between both parties that has now been fully resolved,’ the spokeswoman said.<\/p>\n
Founded by Tom and Bronwyn Tsipris in 1972, General Pants Co has been an Aussie fashion staple for more than half a century, specialising in denim, street, and surf wear.<\/p>\n
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