Top clothing chains to close, shedding hundreds of jobs
Aaron Bunch |
Women’s clothing brands Millers and Noni B will close their doors after receivers for parent company Mosaic Brands failed to secure a buyer.
More than 250 stores, 11 of which are in New Zealand, are expected to close by April leaving about 930 workers without jobs.
Millers and Noni B were the ASX-listed company’s last two brands after it announced well-known labels Katies and Rivers would close.
“Despite the best efforts of all parties, we have been unable to achieve a sale of any of the brands within the Mosaic portfolio,” partner at receiver KPMG David Hardy said on Wednesday.
“As a result, all stores in the Mosaic Brands Group will be wound down over the coming months.”
Sales will be held in all outlets and the timing of each store closure will depend on stock levels, with all shops expected to close by mid-April.
Mosaic went into voluntary administration in October, with KPMG partners and FTI Consulting appointed as respective receivers and administrators.
The company previously discontinued five of its signature brands – Rockmans, Autograph, Crossroads, W.Lane and BeMe – in September and closed stores as it attempted to put its finances on a sound footing.
The group had 763 stores and employed about 3000 people in Australia and New Zealand.
The company’s shares have been suspended from the ASX since September 2 because of a delay in filing its 2023/24 financial report, which was due in August.
AAP
