Mosaic Brands administration: Retailer behind mall mainstays Millers, Noni B and Katies goes under

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Mosaic Brands administration: Retailer behind mall mainstays Millers, Noni B and Katies goes under

The business behind retailers Millers, Noni B and Katies has called in administrators after failing to secure support for a restructuring plan.

ASX-listed Mosaic Brands told shareholders on Monday that FTI Consulting had been appointed to attempt a rescue of the business.

That followed a move by Mosaic’s key lender to install KPMG as receivers.

“Over the past few weeks, Mosaic’s board and executive team have progressed plans to restructure, realign and simplify Mosaic’s operations, as previously announced to the market,” the board said.

“These initiatives have included rationalising the group’s brand and store portfolio and focusing on key growth brands, reducing costs and improving Mosaic’s working capital position.”

But the board said a small number of stakeholders had not supported the proposal.

Mosaic’s shares last traded at 3.6¢.

That’s down from a peak of just more than 20¢ earlier this year.

The competition watchdog took the business to court in March for failing to meet advertised delivery times.

More to come.

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#Mosaic #Brands #administration #Retailer #mall #mainstays #Millers #Noni #Katies

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