Clothing group Mosaic Brands went into administration in late October with debts of at least $249 million.
The clothing group, which went into administration in late October with debts of at least $249 million, apparently did not have directors and officers insurance, according to two sources who could not be identified for confidentiality reasons.
Meanwhile, KPMG is operating Mosaic, which has 700 stores. It has the unenviable task of trying to manage the retailer’s furious supplier network. Mosaic’s suppliers are being asked to continue to supply the retailer with clothing and footwear, through its busiest trading period of the year, even though they are owed tens of millions of dollars.
The explanation for why FTI, as the administrator, is also selling the business is because it was doing work for Mosaic from late September reviewing its cash flows and forecasts, and potential planning for voluntary administration. During that time, FTI gained information about the historical financial performance of the business, its inventory, store profitability and also its messy corporate structure.Still, FTI doing the sale process means KPMG forgoes fees it would have otherwise earned.
Alquemie appointed Scott Evans as its chief executive after he retired from being Mosaic’s CEO for a decade. The company’s revenue has since fallen further, and it has cycled in and out of profitability. In February, when Mosaic revealed its half-year accounts to December 31, 2023, its earnings were up 38 per cent to $5.38 million. In announcing those results, Evans said: “This result marks a key turning point for Mosaic Brands.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Noni Hazlehurst on the splendours and miseries of the actor’s lotThe beloved Australian actor and Play School host has written a special kind of memoir.
Read more »
Noni Hazlehurst on the splendours and miseries of the actor’s lotThe beloved Australian actor and Play School host has written a special kind of memoir.
Read more »
Noni Hazlehurst on the splendours and miseries of the actor’s lotThe beloved Australian actor and Play School host has written a special kind of memoir.
Read more »
Best baby clothing deals: The perfect Christmas or baby shower present for under $1007NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Worker openly ran ‘rape room’ in factory of major clothing company: suitA sicko textile worker ran a “rape room” at the Queens factory of a major British clothing brand where he openly preyed on female colleagues, a shocking new lawsuit claims.
Read more »
Victorian boy’s burn accident sparks urgent warning on flammable clothing for parents7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »