Street wear store Fashionable Ed Hardy, the brand once worn by celebrities including Madonna, Jeff Fenech together with Melbourne underworld figure Mick Gatto, ed hardy shop could be placed in the hands of administrators, as low as nine months big event company was named as being the sixth fastest growing company in BRW magazine's Fast 100 list.

Dependent on BRW, Ed Hardy posted revenue of $18.59 million in 2008-09, after posting average annual growth of 168.64% involved in the preceding three financial years.But getting hype surrounding the brand has faded, also has got the company's fortunes.

At the end of June, stores located in Westfield shopping centres were closed after falling behind on rent, plus yesterday the directors during the Australian operation, led by owner and moreover managing director Gary Berman, called in administrators Simon Wallace-Smith along with Tim Norman of Deloitte.

The pair immediately closed four stores - Paddington in Sydney, ed hardy shirts Pacific Fair using the Gold Coast, in Brisbane's CBD and additionally in Adelaide C and also has left six others open while they learn to comb Ed Hardy's books in addition to the experience what went wrong.In a short statement released yesterday, administrator Simon Wallace-Smith said the collapse was first as a consequence of "slowing sales along with the competitive nature inside retail industry".

he was quoted saying the goal you get with the voluntary administrators will be to assess the financial position through the companies and even to investigate options to restructure the companhy .Tomorrow inside the company's 66 employees remains unclear, in addition to the Deloitte has told customers holding vouchers or deposits who they shouldn't be redeemed during this period.

Ed Hardy's situation is a far cry by reviewing the position in ed hardy jeans, towards the company had 14 stores plus Berman was hoping to reach 35 outlets by December 2010 by opening of the Philippines, Indonesia and as a consequence Vietnam.The Popular Ed Hardy brand, which located by the designs of American tattoo artist Don Popular Ed Hardy, stands out as a brainchild of Italian designer Christian Audigier.

Gary Berman acquired the rights selling Stylish Ed Hardy products in Australia, Britain in addition to areas Asia in 2006, after his children introduced him because of the brand on a family holiday to South Africa.