Major Australian fashion retailer Mosaic Brands has gone into voluntary administration, ending decades of history and putting hundreds of jobs at risk.
Mosaic was the owner of many iconic Australian fashion labels including Katies, Rivers, Millers and Noni B. The decision comes after the company announced it would be cutting a number of its labels to focus on its core strengths.
“Following recent attempts by the company to informally restructure its operations, the board of Mosaic has determined that voluntary administration is now the most appropriate way to restructure the group,” Mosaic said in a statement.
Mosaic says it has appointed FTI Consulting as administrators and KPMG as receivers and managers.
But it may not be the end for these beloved brands. A representative of KPMG says they want to “stabilise” Mosaic’s operations and keep the company trading.
“The Mosaic Brands group owns a portfolio of iconic fashion labels whose clothing and products are much loved by generations of Australians,” he said.
“We will be seeking to stabilise the operations of Mosaic to preserve the underlying value of the business while endeavouring to serve its customers, with support from its employees and suppliers to minimise business interruption.”
So, hopefully we’ll still be seeing Katies’ and Rivers clothes for many years to come.
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