Major Australian fashion retailer Mosaic Brands has entered voluntary administration, putting thousands of jobs at risk.
The ASX-listed retailer, which holds iconic brands such as Rivers, Katies, Millers and Noni B, announced its move into administration on Monday afternoon.
“Following recent attempts by the company to informally restructure its operations, the Board of Mosaic has determined that voluntary administration is now the most appropriate way to restructure the group,” the company said.
The company has appointed Vaughan Strawbridge, Kathryn Evans, Kate Warwick and David McGrath from FTI Consulting as administrators.
Mosaic’s senior secured lender has appointed KMPG as receivers and managers to work alongside the administrators in the restructure process.
The administration process means control of Mosaic will shift to FTI Consulting and KPMG, who will assess the company’s accounts and determine whether it can be restructured to continue trading or whether it is in the best interest of creditors and employees to enter liquidation.
The company has some 2700 employees and more than 700 stores nationwide but has moved to “rationalise” or downsize its operations in recent months.
On September 30, it exited the…
