Receivers 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.
will lose their jobs by mid-January as the company – placed into administration in October with debts of at least $249 million – continues to search for a buyer.
Katies and Rockmans have been given the axe, while 80 Rivers, Noni B and Millers stores will be closed in a bid to help Mosaic Brands find a buyer. “Impacted employees and landlords will be notified as soon as possible. The decision to undertake the store consolidation program has not been taken lightly.”
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‘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.
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Katies and Noni B owner allegedly left directors uninsuredClothing group Mosaic Brands went into administration in late October with debts of at least $249 million.
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Katies and Noni B owner allegedly left directors uninsuredClothing group Mosaic Brands went into administration in late October with debts of at least $249 million.
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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.
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Katies to be wound down and 80 Millers, Rivers and Noni B stores to close amid Mosaic Brands ‘consolidation’7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
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Merry Christmas, Except for Mosaic Brands' Directors: Lack of Insurance Amid AdministrationMosaic Brands, a clothing retailer, faces financial struggles as it enters administration with huge debts. The company lacks directors and officers insurance, a rare situation for a publicly listed firm. Key challenges include managing suppliers and securing stock for critical sales periods.
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