Business strategist reveals why iconic Aussie retailer General Pants is teetering on the edge of collapse and how it could win back shoppers

Published: 10:24, 9 July 2026 | Updated: 10:27, 9 July 2026 A popular youth fashion retailer has shut down almost 20 outlets amid financial struggles which saw its owner lose millions of dollars, with a business expert warning the chain must change its strategy to survive. General Pants, founded by Tom and Bronwyn Tsipris in 1972, has been kept afloat by $22 million in shareholder funding from private equity firms ACTA Capital and Alceon. Its parent company Alquemie Group, which took over in 2022, accumulated almost $59 million in losses between the 2023 and 2025 financial years and borrowed close to $43.8 million from related parties. The stores, which sell streetwear, surfwear and denim labels, went from having more than 60 outlets last year to just 42 this week, with an Alquemie spokesman claiming that it was 'normal practice'.  Financial issues aside, General Pants, which is the last retailer run by Alquemie, has also been hit with complaints from customers, with its social media accounts and online review platforms filled with comments about poor service, item delays and slow customer service responses.  'Your team won't respond to me about a product I've been charged for. Someone needs to respond to my email ASAP, this has been going on for over a month,' one said.  'Purchased an item online and never received the product. Multiple emails all getting a generic 'out of business hours' reply, Live Chat enquiries go unanswered, I've lodged a complaint with the ACCC for a blatant theft of money,' a second said.  'The worst customer service I've ever received, money taken, product not received,'  a third said.     A popular youth fashion retailer has shut down almost 20 outlets amid financial struggles which saw its owner lose millions of dollars in three financial years, with a business expert warning the chain must change its strategy to survive NSW Fair Trading said it received eight complaints since January 2025 about missing or incomplete orders and encouraged customers to report similar concerns. Queensland's Fair Trading office also received a couple of complaints, which were eventually handled by the company. Business strategist and consumer behaviour analyst Barry Urquhart from Marketing Focus told Daily Mail he felt General Pants was struggling like other retail outlets including David Jones and Barbecues Galore.  'I think there is a tremendous parallel between General Pants and David Jones... and Barbeques Galore,' he said.  'When you look David Jones's inability to pay its suppliers and Barbecues Galore can't make a profit, [it's similar].' He added that in order to be successful and have a chance to improve their situation, stores like General Pants needed to change their business strategy.  'It is better to be different than it is to be better,' Mr Urquhart said. General Pants, founded by Tom and Bronwyn Tsipris in 1972, has been kept afloat by $22 million in shareholder funding from private equity firms ACTA Capital and Alceon 'Very few customers go in a store and say 'that's better', but they do say 'that's different'. 'The future is not going to change, so if they don't change structurally and strategically, they won't survive and thrive. 'They may not go broke or close down immediately, but if they stay where they are, the world will move on, inflation will come in and they'll gradually become less of a presence in the market place.'   His comments come after Alquemie's executive chairman Richard Facioni revealed what the group strategy was.  'We want to organically grow the core business and explore growth opportunities through acquisition, merger and new licence partnerships,' he said in the 2025 financial report.  Financial troubles with Alquemie have dated as far back as 2023, with the company then hit with a loss of $2 million, due to its underperforming brands SurfStitch, and Ginger and Smart.  That figure blew out to $29 million the following year before shutting down its four National Geographic stores and website in October, 2024. Alquemie then closed down SurfStitch, and Ginger and Smart in May, 2025 and reduced General Pants' value by $13.3 million to $38.2 million.  Business strategist and consumer behaviour analyst Barry Urquhart from Marketing Focus felt General Pants was struggling like other retail outlets including David Jones For three consecutive years, its independent auditor BDO also revealed its doubt on whether Alquemie would be able to continue trading. It highlighted 'the financial position and performance of the group, the ongoing reliance on financing facilities and financial support of shareholders, and the inherent uncertainties attached to current macroeconomic customer sentiment' as factors. '(This) indicates that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern,' BDO audit director John Bresolin said.  Daily Mail has contacted Alquemie Group for comment.