The world’s leading sportswear brand is set to appear in court next week, pursuing nearly $250,000 from an Australian surf retailer that has entered administration. SurfStitch, which claims the title of the nation’s top online surf and fashion store, faced this downfall after Nike Australia initiated a winding-up order against the company on May 20.
Legal documents from the Victorian Supreme Court, sourced by 9news.com.au, reveal that Nike is demanding the repayment of $237,760.38. The company is urging for SurfStitch to be placed into liquidation, with the court hearing scheduled for next Wednesday.
Founded in 2007, SurfStitch became one of Australia’s pioneering successful online retailers, achieving a valuation of $500 million shortly after its listing on the local stock exchange in 2014. However, by 2017, it had succumbed to administration before being acquired by Alquemie Group, previously known as Alceon Retail Bidco. Alquemie, which operates numerous brands including General Pants Co. and Lego stores across Australasia, subsequently sold the business to an undisclosed buyer in May.
Currently, SurfStitch’s online platform has been offline for the past five weeks, displaying a message indicating that the site is undergoing maintenance, and inviting users to remain patient. Previously, the retailer offered an array of surf and skate apparel from renowned brands like Adidas, Billabong, Levi’s, The North Face, and Nike.
9news.com.au is awaiting a response from the administrators handling SurfStitch’s affairs.