Makeup and cosmetics giant Napoleon Perdis has gone into voluntary administration, but that doesn't necessarily mean it's the end of the road for the iconic Australian brand.
While it was announced earlier today that the chain had collapsed after 24 years of trade, the 56 remaining makeup stores will re-open for business tomorrow, and a massive discount makeup sale is in store for beauty fanatics.
On Friday, Saturday, and Sunday (February 1 to February 3), there will be 30 per cent off all products storewide, nationally and online, it has now been confirmed.
In an official statement from Worrells Solvency Accountants, the company's appointed voluntary administrators, it was revealed the Naploeon Perdis directors had been "trying to sell the business for several months."
The press statement released by Worrells read: "The current plan for the administration process is to see whether the business can be restructured through the process or a buyer is found while the business continues to trade."
Napoleon himself was quoted saying: "The brand is still in high demand from our customers and is more innovative than ever, so by restructuring the business in this manner, we believe, puts it in a prime position to continue to evolve through continued trade or in a sale."
Worrells will continue to trade all stores as usual while undertaking daily assessments of their performance.
The brand was started by Australian makeup artist Napoleon Perdis, who opened the first store in Sydney's Paddington in 1995.
Over a decade ago, the company also expanded into the United States, with its online store offering shipping internationally.
The company also currently have an exclusive agreement with Priceline, who have vouched their support of the business during the administration process, the release confirmed.
Simon Cathro of Worrells explained: "The Napoleon Perdis brand is an iconic brand of Australia with substantial value and relevance within the cosmetic industry... The Napoleon Perdis brand touts pioneer achievements and accolades, which encompasses spearheading industry benchmarks as an educator, trailblazer, and award-winners."
WATCH: Q&A with Napoleon Perdis. Story continues...
With stores in 56 locations throughout the country, including concession outlets inside Myer stores, the uncertain future of the company leaves hundreds of employees questioning the security of their jobs.
The Sydney Morning Herald reported the company had 618 employees in 2015, and had been in a precarious situation for several years, taking losses in 2014 and 2015, according to corporate documents.
However, Perdis was confident in his statement: "We are fortunate that throughout our business, we have staff and teams who have not only underpinned the business success, but who are our extended family," he said.
"Their unwavering contribution will undoubtedly pave the way for the successful and strategic trade on. As we work towards our goals, we ask customers, suppliers and other interested parties to continue with their valued support of the brand".