They join a slew of other international and Australian retailers (Tigerlily, G-Star RAW, Jeanswest and Kikki K to name a few) who have closed their doors due to the economic impact of COVID-19.
In a statement released on June 29, voluntary administrator Scott Langdon of KordaMentha Restructuring said there is likely to be "high levels of interest in the purchase of the business" given Seafolly's legacy, reputation and quality.
The beloved brand, which has been around for almost 50 years, helped launch the careers of some of the world's most well-known models, like Australian's Shanina Shaik, Samantha Harris and Jessica Hart.
Seafolly recently made a name for themselves on a global stage when they cast Gigi Hadid as the face of their Summer 2015 campaign.
They currently have 44 stores within Australia and 12 overseas. It remains unclear just how many stores will be closed and what this means for their employees, 129 of which are based in Australia. All gift cards and rewards points will still be redeemable at all Seafolly stores.
For now, the business will operate as usual as they work through the finer details.