Major Australian retailer Mosaic Brands has entered voluntary administration, putting thousands of jobs at risk.
The company — which is behind brands including Rivers, Katies and Millers — announced the move on Monday.
The news comes after the fashion retailer last month said it was axing five of its businesses and closing more than 200 stores to simplify operations and reduce costs.
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The company earlier said all stores and websites for Rockmans, Autograph, W.Lane, Crossroads and BeMe would be wound down to simplify the business and allow it to focus on “five core growth brands” — Millers, Noni B, Rivers, Katies and its standalone online Mosaic marketplace.
Rockmans, Autograph and W.Lane have a combined 231 stores, according to Mosaic’s 2023 annual report. BeMe Brands and Crossroads are pure-play digital brands.
However, on Monday, the parent company said voluntary administration was now the “most appropriate way to restructure”.
“Over the past few weeks, Mosaic’s board and executive team have progressed plans to restructure, realign and simplify Mosaic’s operations, as previously announced to the market,” it said in a statement to the Australian Securities…
