Mosaic Brands receivers to close down Noni B, Millers

Robert Stockdill

3 minutes ago

Long-running Australian fashion labels Millers and Noni B are to be closed down after the receivers of parent company Mosaic Brands failed to find a buyer. About 930 staff will lose their jobs.

Today’s announcement means all Mosaic brands will be closed, none of them of sufficient interest to attract a white knight investor to ensure their survival.

The closure follows January 23rd’s announcement that the Rivers brand would close and an earlier decision to close Katies.

“Despite the best efforts of all parties, we have been unable to achieve a sale of any of the brands within the Mosaic portfolio,” said KPMG partner David Hardy, one of the receivers and managers of the group.

“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,” he said.

The wind-down of Noni B and Millers will result in the closure of 252 stores, including 11 in New Zealand and the loss of 933 jobs. This is on top of the 136 stores and 650 jobs resulting from Rivers’ demise. In December, the receivers said they would close the Katies brand down, shuttering 160 stores, the last of which were scheduled to close this month.

Hardy said the receivers – who included Gayle Dickerson, Ryan Eagle and Amanda Coneyworth, all appointed on October 28 last year – acknowledged and thanked the Mosaic management team, employees, customers and suppliers for their support throughout the receivership process.

KPMG says the exact timing of individual store closures will depend on stock levels and sell-through.