PHOTO: The growth of online, putting products on sale and a 50 per cent drop in inventory holdings led to a 67 per cent margin growth compared to 61.8 per cent the same time last year
- The retailer behind Millers, Rivers, Katies and Noni B to close up to 250 stores
- Mosaic Brands warned group could be forced to shut as many as 500 locations
- Mosaic, which owns 1,400 stores nationwide, hopes to negotiate rent discounts
- Company said though many of those negotiations already proved unsuccessful
The fashion retailer behind iconic Australian brands including Millers, Rivers, Katies and Noni B, has announced it will close up to 250 stores as it struggles to cope in the coronavirus downturn.
Scott Evans, the chief executive of Mosaic Brands, had warned the group could be forced to shut as many as 500 of its 1,400 stores nationwide, but hoped to negotiate rent discounts with retail landlords.
The company announced though on Thursday many of those negotiations had been unsuccessful, with some refusing to offer rental help to keep shop doors open, resulting in the loss of thousands of jobs.
‘We’re encouraged a number of landlords have in recent weeks come to the table on rental reductions but not all have and we expect up to a further 250 store closures by June 2021,’ Mr Evans said.
Scroll down for video
Fashion retailer Mosaic brands, which owns Millers, Rivers, Katie’s and Noni B, has announced it will close 250 stores
READ MORE VIA THE DAILY MAIL