Managers for embattled fashion retailer Mosaic Brands were unable to find a buyer for the budget clothing business, which will see remaining brands Noni B and Millers shut down, resulting in the closure of 252 stores and 933 job losses. It comes after the announcement that 136 Rivers stores and 80 Katies stores – which were also part of Mosaic Brands – will be shut nationwide. Receivers and managers for the failed retailer from KPMG made the announcement on Wednesday on behalf of Mosaic, which once counted almost 3000 employees and 700 stores across Australia.
“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. “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 is dependent on stock levels and sell through..
