Clothing retailer Jeanswest announced on Wednesday that 37 stores will be closed and 263 employees are set to lose their jobs.
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However, the Goulburn outlet is safe for now and all five employees will continue to work for the time being.
The company had gone into voluntary administration earlier this month.
KPMG voluntary administrators Peter Gothard and James Stewart confirmed they had commenced the restructure of the Jeanswest business as the sale of business campaign for the Australian operations of the company progresses.
Mr Stewart said the decision to restructure the business was a difficult but necessary one taken in order to provide the business with the best possible chance of attracting a new owner.
"The decision to proactively restructure the business early in the administration process has not been taken lightly," Mr Stewart said.
"We are very mindful of the serious impact store closures and staff redundancies have on people's lives. However, we must also work to maximize the opportunity for this business to be sold or restructured - to give it the best chance to continue.
"The administrators would look to redeploy team members where possible. Support is also to be provided through Jeanswest's Employee Assistance Program to those employees impacted by the store closures."
Jeanswest is a national clothing apparel retailer offering a range of casual and leisure styles including its denim offerings.
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