The final two brands in the Mosaic Brands fold have collapsed after its receivers were unable to find a new buyer.
Clothing retailers Millers and Noni B have announced they are shutting their doors, in the last part of Mosaic Brands group shutting down.
The final two brands in the Mosaic Brands portfolio, Millers and Noni B, will close after administrators for the business said they were unable to find a new buyer for the brands.
KPMG announced the decision on Wednesday resulting in 252 stores closing, and 933 Aussies will lose their jobs.
In total the closure of the entire Mosaic Brands portfolio means almost 3,000 jobs will be lost and more than 700 retail stores will be shut down across the country.
”Despite the best efforts of all parties, we have been unable to achieve a sale of any of the brands within the Mosaic portfolio,” receiver David Hardy from KPMG said.
”As a result, all stores in the Mosaic Brands Group will be wound down over the coming months. We expect all stores will be closed by mid-April.”
The exact timing of individual store closures will vary and be dependent on stock levels and how quickly the stores sell out of merchandise.
KPMG said they will run sales events and promotions will be run in all stores and the receivers encourage customers to visit their local store or the eCommerce site while stocks last.
The decision follows one last week when receivers said they were unsuccessful in finding a buyer for Rivers.
Mosaic Brands entered voluntary administration last October, shortly after confirming it would shut down five of its brands: Rockmans, Autograph, Crossroads, W.Lane and BeMe.
When Mosaic Brands announced it went bust on October 28, it owed $249m to 171 creditors and an undisclosed amount to 300 workers. This number could have changed when KPMG went through the books.
