The owners of manchester and outdoor retailer Spotlight Group have come to the rescue of Mosaic Brands, taking up $10 million of a $32 million equity raising aimed at helping the retailer bounce back when lockdowns come to an end.

An investment entity associated with Spotlight owners Morry Fraid and Zac Fried is understood to have taken up almost one-third of the $32 million issue of three-year convertible notes.