Brisbane-based jeweller Butterfly Silver is set to close all 19 of their stores in Australia including 13 in Queensland after falling into voluntary administration.
The company, which sells sterling silver earrings, necklaces and charms, is advertising a “closing down sale” online.
Neil Shilbury, from the consumer credit reporting agency, Equifax said, “Many of the industries seeing an increase in insolvencies, like retail, are also those facing disruption from new market entrants” such as Amazon.