Stationery retailer kikki.K has been placed into receivership, with its founders blaming its troubles on a "perfect storm" of factors including Brexit, civil unrest in Hong Kong and the move to online shopping.
Founder of kikki.K Kristina Karlsson said she felt "profound regret and sadness" announcing the closure of the business, which boasts 450 full-time employees and about $70 million in annual revenue.
"This business began with a young girl's dream 20 years ago and became an international success story with customers in over 150 countries," she said in a statement on Tuesday.
Co-founder and CEO Paul Lacy said he had "tried everything to save the business" in the past two years but "ran out of time and had no choice but to place the company into external administration".
The company runs about 65 stores across the country as well as a handful in Hong Kong, New Zealand, Singapore and the United Kingdom, after a decision to expand the business internationally in 2016.
Mr Lacy said the company had just started rolling out of stores in the UK when Brexit and economic uncertainty hit the country.
"At the same time, we like all retailers have been dealing with the profound structural change of people moving their shopping habits to buy more online and less in physical stores," he said.
"Then came the social unrest in Hong Kong which ate into our sales in Asia, and like many other retailers our Christmas sales globally were down substantially."
In recent months the company also suffered a "triple-whammy of soft consumer demand, the business impact of bushfires and more recently the unprecedented and profound impact of coronavirus", Mr Lacy added.
"This unprecedented line-up of external factors, particularly in recent weeks, has really taken its toll. As we looked ahead we just didn't have the certainty we could keep going so have had to take this decision," he said.
Administrator Jim Downey of J.P. Downey & Co will now seek to sell or restructure the business, which has also been placed into receivership under Barry Wright and Bruno Secatore of Cor Cordis.
The founders are optimistic a suitable buyer will be found to keep the kikki.K brand going.
"Obviously it requires a big re-set and a buyer who understands the opportunity," Ms Karlsson said.