The news comes just weeks after Jeweller reported that supplier International Brand Distributors (IBD) would acquire the business. But having since completed due diligence on the brand, IBD managing director Hannes Coetsee said he had decided not to proceed with the purchase.
While Coetsee represented Tuskc at the recent International Jewellery Fair in Sydney, the deal wasn’t scheduled to be finalised officially until the end of September.
Subsequently, in a letter obtained by Jeweller and addressed to retailers stocking the jewellery brand, current owner David Randall advised that Optimum Initiative Pty Ltd (trading as Tuskc) had decided to voluntarily end operations “due to the subdued trading conditions encountered by Tuskc over the last couple of years.”
“No new orders can be accepted and orders still outstanding in our system not yet delivered have been cancelled.” The letter noted that accounts with outstanding balances should still be paid to Tuskc at the usual address.
Retailers with remaining issues such as repairs or other operational matters have been asked to send details via email directly to Randall.
The letter went on to read: “The owners and staff of Tuskc thank you for your support since the brand was launched some five years ago and we take this opportunity to wish you all the very best as business builds towards the busy Christmas trading period.”
Rumours about the potential sale and future of Tuskc have been circulating since July when Melissa Gibson, then general manager, announced that she had purchased the brand’s parent company, Buckle. At the time, it was also announced that Tuskc was not included in the acquisition.
The jewellery brand was
established in 2009 by the great granddaughter of Alick Buckle, founder of the iconic Buckle brand.
Randall was contacted for comment but had not responded at the time of publication.
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