Administrators called into run Australian fashion brand Coogi Australia Pty Ltd, as well as five other firms in the group, said on Friday they would not know until next week whether the company's 340 workers would lose their jobs.

The Melbourne-based label, best known for its colourful woollen sweaters and knitted items, went into voluntary administration this week after a slump in US orders left it facing bankruptcy with debts of around A$25 million.

The company's joint administrator, George Georges of accountants Ferrier Hodgson, who is due to fly to the US this weekend for crunch talks with Coogi's American distributor, said he expects to know whether the business has a future by next Friday.