Is your favourite accessory store in trouble? Iconic retail group files for administration
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The retail landscape is ever-changing, and sometimes, even the most beloved brands can face challenging times.
In recent events, Marquee Retail Group (MRG), the parent company of popular accessory brands Colette by Colette Hayman and The Daily Edited, has entered voluntary administration.
This move has raised concerns among shoppers and employees alike, as the future of these iconic stores hangs in the balance.
Marquee Retail Group's decision to appoint a voluntary administrator comes after efforts to prevent the collapse of both brands proved unsuccessful.
Despite the uncertainty, the company has committed to keep all 60 stores operational and retain its 400 staff members during this period of administration.
This is a glimmer of hope for loyal customers and dedicated employees who rely on these stores for their fashion fix and livelihoods, respectively.
The group, which was formed in 2023 after former Myer CEO Bernie Brookes acquired The Daily Edited in 2022 and took the helm as chairman of the MRG board, has faced a tough retail environment.
Between October 2023 and March 2024, MRG reported a significant downturn in sales, attributing the slump to the economic pressures of rising interest rates and inflation—a plight many retailers and consumers are currently grappling with.
Adding to the company's woes, ongoing debt with the Australian Taxation Office has been cited as contributing to its current financial predicament.
The insolvency firm Mackay Goodwin has been tasked with managing the company's administration process, a move that could potentially lead to a sale or a Deed of Company arrangement that would allow the business to continue operating.
Mr Brookes has expressed his hope that the business will maintain normal customer operations during this challenging time.
'Our decision today is about securing the future of the Marquee Retail Group and its employees while emerging on the other side of voluntary administration,' he stated.
He also extended his gratitude to the employees for their hard work and contribution, acknowledging the difficult situation that has unfolded.
For shoppers, this news may bring about a sense of unease.
Colette by Colette Hayman, known for its budget-friendly yet stylish accessories, and The Daily Edited, famed for its personalised embossed accessories, have been staples in the Australian fashion scene.
The prospect of these stores disappearing from shopping centres and high streets is a stark reminder of the volatile nature of the retail industry.
As the administration process unfolds, customers can continue to shop at both Colette by Colette Hayman and The Daily Edited with the reassurance that the company is striving to keep the doors open.
However, it's also a time for consumers to be mindful of potential changes that could arise as the situation develops.
For our readers at the Seniors Discount Club, this news serves as a reminder to support the brands you love, and to stay informed about the latest developments in the retail sector.
Have these brands been a part of your shopping routine? What are your favourite products from these stores? Share them in the comments below!
In recent events, Marquee Retail Group (MRG), the parent company of popular accessory brands Colette by Colette Hayman and The Daily Edited, has entered voluntary administration.
This move has raised concerns among shoppers and employees alike, as the future of these iconic stores hangs in the balance.
Marquee Retail Group's decision to appoint a voluntary administrator comes after efforts to prevent the collapse of both brands proved unsuccessful.
Despite the uncertainty, the company has committed to keep all 60 stores operational and retain its 400 staff members during this period of administration.
The Colette by Colette Hayman brand is under the Marquee Retail Group. Image source: colettebycolettehayman/Instagram
This is a glimmer of hope for loyal customers and dedicated employees who rely on these stores for their fashion fix and livelihoods, respectively.
The group, which was formed in 2023 after former Myer CEO Bernie Brookes acquired The Daily Edited in 2022 and took the helm as chairman of the MRG board, has faced a tough retail environment.
Between October 2023 and March 2024, MRG reported a significant downturn in sales, attributing the slump to the economic pressures of rising interest rates and inflation—a plight many retailers and consumers are currently grappling with.
Adding to the company's woes, ongoing debt with the Australian Taxation Office has been cited as contributing to its current financial predicament.
The insolvency firm Mackay Goodwin has been tasked with managing the company's administration process, a move that could potentially lead to a sale or a Deed of Company arrangement that would allow the business to continue operating.
Mr Brookes has expressed his hope that the business will maintain normal customer operations during this challenging time.
'Our decision today is about securing the future of the Marquee Retail Group and its employees while emerging on the other side of voluntary administration,' he stated.
He also extended his gratitude to the employees for their hard work and contribution, acknowledging the difficult situation that has unfolded.
For shoppers, this news may bring about a sense of unease.
Colette by Colette Hayman, known for its budget-friendly yet stylish accessories, and The Daily Edited, famed for its personalised embossed accessories, have been staples in the Australian fashion scene.
The Daily Edited was acquired by MRG in 2022. Image source: @thedailyedited/Instagram
The prospect of these stores disappearing from shopping centres and high streets is a stark reminder of the volatile nature of the retail industry.
As the administration process unfolds, customers can continue to shop at both Colette by Colette Hayman and The Daily Edited with the reassurance that the company is striving to keep the doors open.
However, it's also a time for consumers to be mindful of potential changes that could arise as the situation develops.
For our readers at the Seniors Discount Club, this news serves as a reminder to support the brands you love, and to stay informed about the latest developments in the retail sector.
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