Nearly 3,000 Aussies will certainly shed their tasks and 700 retailers will certainly be closed throughout the nation complying with the collapse of the whole Mosaic Brand team. Administrators validated the last 2 style brand names Millers and Noni B would certainly be closing their doors after stopping working to locate a brand-new customer.
Fashion merchant Mosaic Brands got in volunteer management in October, quickly after it validated it would certainly close down 5 of its brand names Rockmans, Autograph, Crossroads, W.Lane and BeMe. This was complied with by Katies in December and Rivers simply recently, after managers were incapable to locate a brand-new proprietor for the chains.
“Despite the best efforts of all parties, we have been unable to achieve a sale of any of the brands within the Mosaic portfolio,” KPMG manager David Hardy claimed.
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“As a result, all stores in the Mosaic Brands Group will be wound down over the coming months. We expect all stores will be closed by mid-April.”
The precise timing of specific shop closures will certainly depend upon supply degrees, with sales and promos to go to sell staying supply.
The closure of Millers and Noni B indicates 933 staff members will certainly shed their tasks and 252 shops will certainly shut. This gets on top of the 650 task losses and 136 shops closed with the closure of Rivers recently.
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Mosaic Brands had actually originally looked for to solve its economic concerns by unwinding its widely known brand names Rockmans, Autograph, Crossroads, W.Lane and BeMe to “capitalise and invest in” its remaining brands.
However, it later said voluntary administration was the “most appropriate way to restructure”.
At the time administrators were appointed last year, Mosaic Brands had about 250 staff at its Sydney headquarters and a further 2,500 people employed across its retail stores across the country.
When it collapsed, the fashion retailer owed $249 million to 171 creditors and an undisclosed amount to 300 workers.
Voluntary administrators will now focus on finalising their investigations and report to creditors.
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