Iconic fashion label Tarvydas will close the doors of its King Street boutique because of "astronomical" rental rates on the high-end strip.
A company statement said regrettably Tarvydas would be leaving King Street in seven days because the location's rental rates were "astronomical and unsustainable with the severe current retail slump".
It said inner-city road works, whilst necessary, had also made it difficult for potential clients to reach the store and the company.
"Both these issues and the declining economic climate have aided our decision to relocate and restructure," the statement said.
"As one of Australia's most established and loved fashion labels with over 40 years in the industry we will continue to produce rolling collections of unique, sensual and beautiful garmentry (sic) for both local and overseas markets (Harrods, Paris, the Middle East) and will be focusing on local and international wholesale, concentrating our energy on the Tarvydas global USA venture."
Tarvydas, founded by fashion doyenne Ruth Tarvydas, is outsourcing its stock to a "select group" of Perth boutiques and will take clients by appointment at its design studio.
It will also appoint an administrator to look after its creditors and for the next week all stock in the Tarvydas store will be reduced to clear.