KPMG announced it would be closing all of Mosaic Group's Katie stores after it was found the business was largely operating at a loss.
Katies will close 80 of its stores around Australia by mid-January after it was found a number of its outlets were operating at a loss."You can look a million dollars all the time!" the Australia Women's Weekly advertisement reads.
Mosaic has since announced it will be shuttering 80 Katies stores by January, and an additional 80 stores across the Rivers, Millers and Noni B brands.KPMG were appointed to review the business, and issued a statement about the decision to close Katies.
The cost-of-living crisis has seen Shein and Temu become major players in online retail, but their meteoric rise comes at the expense of local businesses. Is this the end of e-commerce as we know it, or could these brands crash and burn?
Mosaic Brands Administration Fashion
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Victoria Racing Club Chief Executive Faces $24 Million Loss ChallengeKylie Rogers, yeni Victoria Racing Club baş ejecutiv'i, geçen yıl Flemington temelli kulüpte 24 milyon dolarlık zarar ortaya çıkarınca finansal zorluklarla karşı karşıya. Melbourne Cup'un evi olan kulüp son dört yılda toplamda 70 milyon dolar kaybetti. Rogers, ekonomik maliyet artışları ve ev etkinliklerinin maliyetlerini ele almanın zorluklarla başa çıkmak durumunda.
Read more »
Fee flip follows flap over $24 slug to see St Kilda penguinsViewing the little penguins at the pier will remain free after the state government dumped a move to charge visitors $24 each to see them.
Read more »
‘Not taken lightly’: All 80 Katies stores to close as Mosaic axes hundreds of jobsReceivers KPMG says all of the embattled fashion retailer’s Katies stores will shut, while dozens of stores across its Millers, Rivers and Noni B brands will also close by mid-January.
Read more »
‘Not taken lightly’: All 80 Katies stores to close as Mosaic axes hundreds of jobsReceivers KPMG says all of the embattled fashion retailer’s Katies stores will shut, while dozens of stores across its Millers, Rivers and Noni B brands will also close by mid-January.
Read more »
‘Not taken lightly’: All 80 Katies stores to close as Mosaic axes hundreds of jobsReceivers KPMG says all of the embattled fashion retailer’s Katies stores will shut, while dozens of stores across its Millers, Rivers and Noni B brands will also close by mid-January.
Read more »
Iconic fashion retailer Katies to be wound down, nearly 500 jobs to goAnother 80 Millers, Rivers and Noni B stores will also be shut in the move by Mosaic receivers.
Read more »