A popular Australian sunglasses brand worn by celebrities including Margot Robbie, Chris Hemsworth and Kanye West has collapsed, with more than $600,000 worth of stock put up for auction in a fire sale.
Gold Coast-based Valley Eyewear fell into liquidation after a court ordered the company be wound up, according to an ASIC notice published on Monday.
Worrells’ James Robba and Jason Bettles were appointed as liquidators, while related company House of Valley Pty Ltd also entering liquidation.
Know the news with the 7NEWS app: Download today
The circumstances behind the court action and the events leading to the company’s collapse have not yet been publicly detailed.
Founded in 2011, the brand’s distinct designs were quickly embraced by celebrities, which helped it explode across the globe and eventually be sold in more than 20 countries.
Co-founder Michael Crawley previously described how losing his job in the surf industry became the catalyst for launching Valley Eyewear with his wife, Tenielle, and their long-time friend Matt Grippo.
Both lost their jobs during a round of cuts as the surf industry contracted. “With a serious chip on my shoulder, I decided to spend my redundancy money and make a brand instead of partying or going travelling,” Crawley said in an earlier interview.
Crawley said they began designing frames “at home on the kitchen table”, eventually turning the project into a 450sqm warehouse and office within four years.
The company’s collapse has triggered a sale of the business and its assets, with Argus Auctions inviting expressions of interest.
The sale, being conducted under instructions from liquidator James Robba, includes more than $600,000 in new stock, along with optical equipment, motor vehicles, plant and equipment, intellectual property, customer databases and digital and social media assets.
The assets are located in Currumbin Waters and Burleigh Heads on Queensland’s Gold Coast, with expressions of interest closing at 4pm on August 24.
The sale raises the prospect of the recognisable brand being acquired and continuing under new ownership, although it is not yet clear whether a buyer will acquire the business as is or whether its assets will be sold separately.
Valley Eyewear’s website remains online, with the company continuing to advertise eyewear and list retailers, although the effect of the liquidation on its operations and customers is not yet clear.
7NEWS.com.au contacted Worrells liquidator James Robba for comment on the circumstances leading to the winding-up.
