Mosaic Brands, the company behind Australian fashion brands including Rivers, Katies and Noni B, has entered voluntary administration, putting almost 3,000 jobs at risk.
The company, which operates more than 700 retail stores around the country, confirmed the decision in a statement to the Australian Securities Exchange (ASX) on Monday afternoon.
It comes after Mosaic announced it would shut down five of its brands in September: Rockmans, Autograph, Crossroads, W.Lane and BeMe.
At the time, Mosaic said the decision to reduce its brands was so it could “capitalise on and invest in” Millers, Noni B, Rivers and Katies as part of a broader operational restructure.
But on Monday, the company said voluntary administration was the “most…
