Mosaic Brands’ collapse totals $318m, staff owed $22m likely to be paid

A final nail has been driven into an Australian retail giant’s coffin, as those tasked with combing through the books tally a staggering amount of debt.

Piles of debt and no future certainty have been the fatal blows for a stable of well-known Australian clothing brands as the parent company officially goes bust.

Retail giant Mosaic Brands – owner of Millers, Rivers, Crossroads, Katies, Noni B and Autograph – collapsed into voluntary administration in October 2024.

In a notice to creditors delivered last week, Mosaic’s total debt seems to have been finally tallied at more than $318m.

Millers was one of the last brands to be forced into closure. Picture: NewsWire / Steven Saphore

More than 2800 staff who worked across Mosaic’s Australian and New Zealand stores are owed $22m and receivers and managers KPMG say this will likely be paid in full.

Secured creditors are likely to see the $54m they are owed. But the collapse has left a $242m hole for 613 unsecured creditors, and whatever is left over will be divided among them.

This list of business owed money includes more than 100 entities in Bangladesh, India and China.

The February 17 notice also confirms the final two Mosaic brands, Millers and Noni B, will be forced to close after no buyers were willing to purchase the assets.

Staff of one of Mosaic's suppliers, Hydroxide Knitwear. Bangladeshi garment companies, including Hydroxide Knitwear, are owed about $30m. Picture: Facebook

“Following the sale process, and despite a number of expressions of interest being received, the businesses operated by the Mosaic Group were unable to be sold. Given this, the receivers and managers have advised all stores will likely close by mid-April 2025 and the business will cease to operate,” the notice said.

Uncertain futures for the brands, the “historical indebtedness” and a lack of future stock orders were key concerns for potential buyers.

“The receivers are cautiously optimistic amounts owed to employees of the Mosaic Group will be paid in full, however the timing of the payment to employees is currently unknown.”

Stock in the remaining stores is being run down and sold off, after which the shops will close.

Originally published as Mosaic Brands’ collapse totals $318m, staff owed $22m likely to be paid