Mosaic Brands (ASX:MOZ) - Voluntary Administration

Mosaic Brands (ASX:MOZ), the retail giant behind multiple Australian brands including Rivers, Katies, Noni B and Millers, entered voluntary administration on 28 October.

Vaughan Strawbridge, Kathryn Evans, David McGrath and Kate Warwick of FTI Consulting were appointed voluntary administrators, while David Hardy, Gayle Dickerson, Ryan Eagle and Amanda Coneyworth of KPMG have been appointed as receivers and managers.

The company operates over 700 stores and employs about 2,750 people (250 at its Sydney headquarters and 2,500 at its stores).

The company has been working to restructure and downsize its operations, announcing in September that it was shutting down five of its brands (Rockmans, Autograph, Crossroads, W Lane and BeMe). However, the decision was made to put the company into voluntary administration after a small number of stakeholders held out their support for a proposed restructuring which was backed by a significant majority of creditors.

The company is continuing to trade during the administration, with the CEO stating the priority is to accelerate rationalisation plans and focus on core brands.