Sydney-based fashion business Cue Clothing Co, which operates women's labels Cue and Veronika Maine, was founded in 1968.
Now, four standalone Cue stores and one Veronika Maine store will shut down, administrators Kate Warwick and Vaughan Strawbridge from FTI Consulting said on Friday.
The chain, which went into administration on Tuesday, has around 50 stores across Australia and also sells its apparel at Myer and David Jones.
The Levis family last year sold the chain to British distressed assets investor Hilco Capital, which specialises in turning around underperforming businesses.
But an improvement in sales could not offset higher overhead costs.
There had been good initial interest from potential buyers, with expressions of interest due in early October, the receivers said.
The five stores to close include Veronica Maine in the exclusive Sydney suburb of Mosman, and Cue in Woden in the ACT, Parramatta in western Sydney, Armadale southeast of Perth and Melbourne central.
Australian fashion brands are having a tough time due to increased competition from fast fashion stores and online retailers like Shein.
Mosaic Brands, the owners of Katies, Noni B, Autograph and Crossroads, entered voluntary administration in 2024 and all its roughly 700 stores were shut down by receivers in early 2025.
Colette by Colette Hayman, which had 140 stores, entered voluntary administration in 2020 and emerged as an online-only retailer, with its handbags sold at David Jones.
Cue opened its first store in Sydney's Strand Arcade almost 60 years ago.
