Liquidated retailer Trims has been bought by – Trims.

The family company, established in Adelaide 75 years ago, went into administration in May this year and was liquidated shortly after, owing more than $3.2 million.

Its estimated $900,000 worth of stock is being sold off this weekend.

Liquidator Andre Strazdins of BRI Ferrier announced this week that a mystery buyer had bought the business name, planning to relaunch the business.

InDaily can confirm the buyer is Justin Trim, son of Russell Trim, managing director of Trims Finance Co Pty Ltd, the company which owns the King William Street clothing business and has been liquidated.

Justin, 38, had been operations manager of the business and was previously a director and secretary of Trims Finance Co Pty Ltd.

“That is correct, Justin is buying the business,” Russell Trim, 66, told InDaily this morning.

“He wants to hang onto the name and maintain its integrity.

“Once the sale is completed he plans to sit down and work out how to go forward.

“”We want to work down the track to keep the business going. We’ll see what happens.”

Russell Trim confirmed that the 322 King William Street building is owned by a related family company, but would not state which company.

Trims operated for about 75 years but blamed poor trading conditions for its financial difficulties.

Trims Finance Co owed $3.2 million to unsecured creditors and $580,000 in staff wages and entitlements.

Its name was changed to TFC (2013) Pty Ltd on 6 May this year.

It then went into administration on 14 May, and into liquidation on 19 June.

The administrator and liquidator Andre Strazdins of BRI Ferrier said the process had been difficult.

“This has been a complex administration and liquidation process which required negotiation with 37 different stock suppliers and then several groups interested in buying the business,” Strazdins said in a statement last week.

“Various offers were received and we’ve now reached a purchase agreement with one party.”

Strazdins has not returned calls this week.

Twin brothers Alf and John Trim founded Trims before the Second World War.

It originally sold reconditioned clothing before moving to a business plan that revolved around brands which had a strong Australian flavour.

Brands such as RM Williams, Levi’s, Lee, Industrie, Mossimo, Bonds, The North Face, Hard Yakka and King Gee were its staple.

It expanded by opening a Mount Barker store – now closed – and had plans to open an online store.

Trims were inducted into the Family Business Australia (SA) Hall of Fame in July 2008.

While Russell and his son Justin stayed in the clothing business, Justin’s brother Matthew moved into the restaurant business with his wife Olivia in 2008.

At various times in the last few years they have had interests in The Manse, Banque Wine Bar, Sparrow, Grace The Establishment and Farina Kitchen and Bar.

In April 2012, Matthew Trim’s company T.H. Holdings Pty Ltd went into liquidation with reported debts totalling $900,000.