Kikki.K, known for its simplistic Swedish design stationery and greetings cards, which has a total of 65 stores throughout Australia, New Zealand, Hong Kong, Singapore and London, was placed into receivership on March 10 following a difficult trading period through December and January.
The retail chain turned over $72 million in sales in 2019.
Receivers Cor Cordis last month said they were working on a plan to sell the failed business after Kikki K executives "ran out of time" to close a rescue deal with a large global investor.
Kikki.K New Zealand stores remained open after it was placed into receivership, however, these along with those in other markets, have since closed due to ongoing disruption caused by Covid-19.
At the time, receiver Barry Wight said Kikki.K had joined a "long list of financially distressed retailers" to have fallen victim of softening consumer spending and high leasing costs, compounded by a disappointing fourth-quarter trading period.
Disruption from the coronavirus outbreak and unrest in Hong Kong had also impacted its sales over the past few months.
Receivers were working on a plan to restructure the business for possible sale, Wight said, but seem to have been unable to find a buyer.
Kikki.K was founded by Swedish entrepreneur Kristina Karlsson in 2001, who opened the first store in Melbourne. Karlsson told news.com.au the closure of the business caused "profound regret and sadness".
"This business began with a young girl's dream 20 years ago and became an international success story with customers in over 150 countries," she said in a statement.
Kikki.K joins a growing list of retailers to have collapse in recent months, including handbag and accessories retail chain Colette by Colette Hayman, which was placed into voluntary administration in February.
Retail analyst Chris Wilkinson said retail businesses that were seeking takeover from a new investor would find it difficult due to increasing uncertainty caused by Covid-19.
"It is going to be very difficult finding buyers for businesses at the moment," Wilkinson told the Herald.
"They'll be limited, if not, non-existent credit for these types of businesses because there is just so much uncertainty around what is going to happen in the consumer market."
As a result, more retailers would go under, Wilkinson said.
"Because we've got significant uncertainty, it means that it is very hard for businesses to work out what they need to be doing."
Kikki.K was a great loss for the retail market, he said. "We're starting to lose these retailers that were a little bit edgy and doing things slightly differently.
"It's undeniable that we are going to see greater vacancy [in shopping malls and high streets] because of the coronavirus."
