Millers and Noni B close as last of Mosaic Brands shuts down
The final two brands in the Mosaic Brands fold will be shut down after its receivers were unable to find a new buyer, leaving thousands without a job.
Retail
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Almost 3000 employees of a string of iconic Australian fashion labels will lose their job after the pin was pulled on the final retailers in the collapsed Mosaic Brands stable.
The final two brands in the Mosaic Brands portfolio, Millers and Noni B, will close after administrators for the business said they were unable to find a new buyer for the brands.
KPMG announced the decision on Wednesday resulting in 252 stores closing, and 933 Aussies will lose their jobs.
In total the closure of the entire Mosaic Brands portfolio means almost 3000 jobs will be lost and more than 700 retail stores will be shut down across the country.
“Despite the best efforts of all parties, we have been unable to achieve a sale of any of the brands within the Mosaic portfolio,” receiver David Hardy from KPMG said.
”As a result, all stores in the Mosaic Brands Group will be wound down over the coming months.
“We expect all stores will be closed by mid-April.”
The exact timing of individual store closures will vary and depend on stock levels and how quickly the stores sell out of merchandise.
KPMG said they would run sales events and promotions in all stores and the receivers encouraged customers to visit their local store or the eCommerce site while stocks last.
The decision follows one last week when receivers said they were unsuccessful in finding a buyer for Rivers and an earlier one to close Katies.
Mosaic Brands entered voluntary administration last October, shortly after confirming it would shut down five of its brands: Rockmans, Autograph, Crossroads, W.Lane and BeMe.
When Mosaic Brands announced it went bust on October 28, it owed $249m to 171 creditors and an undisclosed amount to 300 workers.
This number could have changed when KPMG went through the books.
Originally published as Millers and Noni B close as last of Mosaic Brands shuts down
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