Just saw this on the news.
In short:
Fashion retailer Mosaic Brands has been placed in voluntary administration while it undergoes a restructure.
The company is behind clothing brands including Rivers, Millers, Katies and Noni B.What's next?
Mosaic says it will continue to trade normally in the lead-up to Christmas, while FTI Consulting and KPMG will oversee the business.
Haven't really used them apart from knockoff Crocs or sandals from Rivers, which haven't been for a few years.
Covid really stuffed them up
How many more years are we allowed to use the Covid excuse?
Not an excuse, just my opinion/explanation. It was really the worst thing for them. The majority of their brands were targeted at the older generation that liked B&M stores and the company (and also their customers) didn't pivot well to online shopping. They were probably on the way out/down regardless, just covid really accelerated it. I'm surprised they held on for so long.
They lost some of their profit when my grandmother passed away last year.
They have "circa 1,000 stores nationally" on their About Us page so I don't think they'll just wrap up and close all the stores. Probably looking for buyers. Currently at only $6.3m market cap, which is just a bit more than $5m it purchased Rivers for back in 2013.