Mosaic Brands on the Brink: Initial Bids Point to Potential Liquidation
FTI Consulting has gathered initial bids for the struggling retailer Mosaic Brands, and it seems likely that the company will be liquidated.
Here’s some additional information about Mosaic Brands’ situation:
Financial Troubles: Mosaic Brands, which owns brands like Noni B, Millers, Katies, and Rivers, owes around $249 million to various entities. The company went into voluntary administration in late October 2024.
Administrators and Receivers: FTI Consulting has been appointed as the administrator, and KPMG as the receiver. They are currently seeking buyers for the business, with more than a dozen interested parties.
Employee Impact: Over 300 employees are owed an undisclosed amount, and administrators are working on redeployment opportunities to ensure continuity of employment for as many staff as possible.
Global Impact: The collapse has also affected garment workers in Bangladesh, with factories owed more than $30 million. This has created uncertainty for thousands of workers.
Sale Process: Final binding offers for the business are expected in early December 2024. The goal is to achieve a successful sale to avoid liquidation.
