Australian lifestyle fashion brand Seafolly is entering administration, as the local retail sector slumps.

The iconic Australian swimwear brand is now searching for a new owner, as demand plunges for clothing and accessory brands during the current economic crisis.

The brand has dozens of stores across Australia and 12 world-wide, including in Singapore and California.

Seafolly is administration as retail takes a hit.

Scott Langdon and Rahul Goyal of KordaMetha Restructuring were named as administrators of Seafolly, citing the crisis as a key reason for the collapse.

Langdon confirmed KordaMentha will immediately begin a sale of business process.

“Given the quality of the brand and its reputation, there will inevitably be a high level of interest in purchasing the business,” Langdon said.

Seafolly’s 44 stores dotted across Australia will continue to trade at this time.

All Seafolly gift cards and reward points are still redeemable.

Earlier this year, a number of retail outlets said they were closing stores.

Target may no longer exist in Australia soon, with stores becoming Big Ws.

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Ryan is Contributing Editor