After nearly 20 years of business, stationery chain kikki.K has fallen into financial administration.
There are 65 stores around the world, including in the UK, New Zealand, Singapore and Hong Kong, but the majority can be found in Australia.
According to its own statistics, kikki.K boasted customers from 150 countries across the globe but now its future looks uncertain.
Staff who work in the dozens of stores across Australia have been told to continue with 'business as usual', however the company's position going forward remains unclear.
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Swedish-born founder Kristina Karlsson said she 'regrets' the news, however she remains proud of the company that started as 'a little girl's dream'.
"It is with profound regret and sadness that we take this action," Karlsson said in a statement.
"I'm so proud of what we as a team have been able to achieve and the positive impact we've made on the lives of literally millions of people the world over.
"We know that we've done everything in our power to avoid this outcome. The last few weeks have been some of the most challenging of our lives but we remain determined to find the right new partner to continue chasing our dream."
Karlsson's partner, kikki.K co-founder and CEO Paul Lacy, added they had been hoping to secure some financial help from a larger business.
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"We ran out of time and had no choice but to place the company into external administration," he said.
"This unprecedented line-up of external factors, particularly in recent weeks, has really taken its toll.
"As we looked ahead we just didn't have the certainty we could keep going so have had to take this decision."
The first kikki.K opened in Melbourne in 2001 and it quickly became a stationery powerhouse, offering an alternative to many other high street stationery chains thanks to its Swedish design aesthetic.
Featured Image Credit: Southgate Melbourne