Iconic clothing manufacturer Lane Walker Rudkin will lay off its remaining staff and shut down before Christmas, the union representing the company’s workers said today.

The company has about 80 workers remaining after laying off more than 140 since it went into receivership in April.

LWR is now being investigated by the Serious Fraud Office after receivers BDO Spicers raised a red flag.

According to BDO Spicers, the LWR group “had misrepresented its financial strength to Westpac in order to borrow more money from the bank.”

Retailing group Hallenstein Glasson has credited several factors for its improved performance in the last six months – one of them being the Australian government.

The company today reported unaudited sales of $198.19 million for the year to August 1, up 2.3% from the previous year.

However, unaudited net profit after tax was projected at between $12.2 million and $12.4 million, a drop of approximately 23%.

The good news for the retailer was the turnaround it had made in the second half.