Gold Coast t-shirt printer Instathreads has collapsed into administration only three years after opening its doors.
Before its collapse Instathreads had two garment printing kiosks, located in Robina, Gold Coast and Carindale, Brisbane and an online store.
Its kiosks were kitted out with a gamut of equipment including t-shirt printers, heat presses and screen printing machines.
The business appealed to a younger client base, taking its name from popular photo sharing social media site, Instagram.
Instathreads has since shut down its social media accounts and calls to the business ring out.
A message on its website says, “Unfortunately after three years and tens of thousands of t-shirts, we are closing down.
“We just could not do it anymore. The t-shirt industry is a competitive one and despite our love for the business we just could not justify continuing on.”
On June 20 Gavin Charles Morton from Morton’s Solvency Accountants was appointed liquidator and will proceed to wind up the business.
Australian Printer made contact with the firm and was advised no further information could be provided due to the early stage of the liquidation.
Last month, fellow garment printer Redbubble had its debut on the Australian Securities Exchange, raising $30m prior to the launch from the issue of new shares, valuing the ten year old business at $300m.
At the time, Redbubble chief executive Martin Hosking told Australian Printer he was excited about the possibilities for print-on-demand.
He said, “Print-on-demand is rapidly increasing, and the technology is changing rapidly to the point where you can now print on hundreds of thousands of items in such little time. It is an entirely different mindset, and it is exciting for the printers and the retailers that can grasp it.”
Instathreads advises it has completed all outstanding orders.
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