The company behind clothing brands Rivers, Millers, Katies and Noni B had been "utterly derailed" by the coronavirus, Mosaic Brands CEO Scott Evans told shareholders at the announcement of its full-year results.
Mosaic Brands said the leases on nearly 80 per cent of its 1333 stores will expire over the next two years and it plans to close 300 to 500 of those over that time frame.The company, which has 6000 employees, reported a statutory loss before tax of $212.1 million, a plunge of 1900 per cent on the prior year's statutory profit of $11 million.Online sales grew just 14.7 per cent during the year, far lower than other retailers.
As well as the coronavirus, Mosaic Brands said the devastating bushfires across Christmas and New Year periods badly hit sales.
MsRonnyB Will you mention the other retail chains that have closed their doors or downsized before the pandemic, indicating a long term fall towards the recession we were always going to have as well?
macsween_prue yes well, some of it there fault, you buy something from these stores, you pay top price , go past another day and its half the price, and millers are the worst. its ripping people off. one of the staff told me we only get the call that night to mark things down, what b/s
How many jobs will be lost?
Noooooo....
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