Myer buys Marcs, David Lawrence

MYER has rescued Marcs and David Lawrence. The department store has bought the failed fashion brands from parent company M Webster Holdings.

The future of the stores is still unclear. Picture: Tara Croser

MYER has rescued Marcs and David Lawrence.

The department chain has bought the failed fashion brands from parent company M Webster Holdings, Fairfax Media reports.

Marcs and David Lawrence, which employed about 1130 staff in Australia and another 42 in New Zealand across their 52 stores, 11 outlets and 140 concessions, went into voluntary administration on February 2.

Administrators Rodgers Reidy announced shortly after that 13 outlets would close, affecting up to 70 staff. In March, it was announced that all 10 New Zealand stores would close. Fairfax reports the acquisition by Myer, which already sells the two brands in its stores, is unlikely to save all of the remaining staff.

“These brands are very, very successful brands at Myer, both are considered part of our wanted brands strategy,” Myer chief merchandise and customer officer Daniel Bracken told Fairfax.

“We are also pleased that through this acquisition we hope to be able to secure the future employment of a number of the Marcs and David Lawrence people. However at this time it is too early to say how many team members will transition to Myer.”

Myer, which did not disclose how much it paid for the brands, said it had not made any decision on the physical stores, saying it the deal had bought it time to “find out what is the future of these brands in Myer”.

The deal includes Marcs and David Lawrence existing stock, and their concession stores at Myer.

M Webster Holdings, owned by reclusive entrepreneur Malcolm Webster, bought David Lawrence from South African company Truworth in 2000 and Marcs from Oroton in 2006, at a time when the brand was already struggling.

Originally published as Myer buys Marcs, David Lawrence