Popular Aussie retailer to close 160 stores—are you ready to say goodbye?
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The Australian retail landscape is set to change dramatically with the announcement that nearly 500 employees will face unemployment.
Mosaic Brands is winding down all its Katies stores and many other shops across its various brands.
This decision marks the end of an era for Katies, an iconic fashion retailer that has dressed Australian women for decades.
The closures, scheduled for mid-January, will affect all 80 Katies locations and 80 stores across the Millers, Rivers, and Noni B brands.
In total, 160 stores under the Mosaic Brands umbrella will cease operations, impacting approximately 480 employees.
KPMG Australia, the Receivers and Managers of the Mosaic Brands group, released the statement.
The decision to shutter these stores follows a thorough review of Katie's brand performance and the profitability of the wider store network.
The statement from KPMG Australia highlighted that the stores slated for closure have been operating at a loss, making it difficult to decide whether to close them in the new year.
Despite the impending closures, the stores will remain open and continue to trade over Christmas.
The Receivers have expressed that the choice to discontinue the Katies brand was not made lightly, acknowledging the brand's long-standing presence in the Australian fashion industry and its loyal customer base.
The company had previously entered voluntary administration in October, a precursor to the current situation.
This followed an earlier announcement that Mosaic Brands was closing five of its other brands, including Rockmans, Autograph, Crossroads, W Lane, and BeMe, resulting in the closure of 200 stores.
The recent store closures do not affect the ongoing voluntary administration process.
Vaughan Strawbridge, Kathryn Evans, Kate Warwick, and David McGrath of FTI Consulting continue to serve as the appointed administrators, overseeing the administration and closure processes.
The loss of Katies and additional Mosaic Brands stores is a significant blow to the Australian retail sector.
It will have an incredibly impactful impact on the nearly 500 employees who will now be seeking new employment in the challenging post-pandemic job market.
It also reflects brick-and-mortar retail's broader challenges in increasingly digital shopping.
What will you miss most about Katies? How do you feel about the shift towards online shopping? Let's discuss the changing face of retail and how we can support our fellow Australians in the comments below.
Mosaic Brands is winding down all its Katies stores and many other shops across its various brands.
This decision marks the end of an era for Katies, an iconic fashion retailer that has dressed Australian women for decades.
The closures, scheduled for mid-January, will affect all 80 Katies locations and 80 stores across the Millers, Rivers, and Noni B brands.
In total, 160 stores under the Mosaic Brands umbrella will cease operations, impacting approximately 480 employees.
Nearly 500 employees will be impacted by the closure of Katies and other Mosaic Brands stores. Credit: 9news / YouTube
KPMG Australia, the Receivers and Managers of the Mosaic Brands group, released the statement.
The decision to shutter these stores follows a thorough review of Katie's brand performance and the profitability of the wider store network.
The statement from KPMG Australia highlighted that the stores slated for closure have been operating at a loss, making it difficult to decide whether to close them in the new year.
Despite the impending closures, the stores will remain open and continue to trade over Christmas.
The Receivers have expressed that the choice to discontinue the Katies brand was not made lightly, acknowledging the brand's long-standing presence in the Australian fashion industry and its loyal customer base.
The company had previously entered voluntary administration in October, a precursor to the current situation.
This followed an earlier announcement that Mosaic Brands was closing five of its other brands, including Rockmans, Autograph, Crossroads, W Lane, and BeMe, resulting in the closure of 200 stores.
The recent store closures do not affect the ongoing voluntary administration process.
Vaughan Strawbridge, Kathryn Evans, Kate Warwick, and David McGrath of FTI Consulting continue to serve as the appointed administrators, overseeing the administration and closure processes.
The loss of Katies and additional Mosaic Brands stores is a significant blow to the Australian retail sector.
It will have an incredibly impactful impact on the nearly 500 employees who will now be seeking new employment in the challenging post-pandemic job market.
It also reflects brick-and-mortar retail's broader challenges in increasingly digital shopping.
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