Australian cosmetics retailer Napoleon Perdis has called in the administrators and could face a sale or restructure, according to a report published by The Sydney Morning Herald.

Some 28 stores were closed immediately as the news broke, per the report, as appointed administrators Worrells started a stock take.

“Today’s closures are a necessary and anticipated step,” said Perdis in a statement. “And while it feels like a sad time, this is not goodbye and it gives us the best opportunity to keep the business trading.”

The company’s collapse has been attributed to both the tough retail environment, high rents and the expansion of Sephora and Mecca.