Mosaic Brands, the parent company behind Australian clothing brands Rivers, Millers and Katies, has entered voluntary administration.
The ASX-listed company which operates more than 700 stores and employs about 3,000 staff released a statement on Monday confirming its board’s decision.
“Following recent attempts by the company to informally restructure its operations … voluntary administration is now the most appropriate way to restructure the group,” the statement said.
The company discontinued five of its signature brands in September and closed stores as it attempted to put its finances on a sound footing.
Mosaic said the closure of the Rockmans, Autograph, Crossroads, W.Lane and BeMe brands would allow it to focus on Millers, Noni B, Rivers and Katies, and a standalone online marketplace.
“The group’s leadership received the support of a significant majority of its commercial partners and was confident that the restructure would be in the best interests of all stakeholders, resulting in a more focused and financially stronger retailer,” the statement read.
But on Monday the board said a “small number of parties” had not agreed with the restructure and a “commercially acceptable” outcome could not be reached…