Fashion retailer Mosaic Brands has swung to a massive $212 million loss and will close as many as 500 stores across the country after the retailer was ravaged by the COVID-19 pandemic.
The fashion retailer is planning to permanently close up to 500 of its 1300-plus stores across Australia.Mosaic reported a statutory loss before tax of $212.1 million, a 1900 per cent decline on the prior year's statutory profit of $11 million. The huge fall was partially due to $113.5 million in impairments of the company's brand names and other goodwill.Advertisement
Part of those negotiations will see Mosaic shut between 300 to 500 stores over the next 12 to 24 months, with the company saying 41 per cent of its current leases were on holdover, and 81 per cent expire in the next two years. The retailer has 1333 stores across Australia.
domp They were derailed by the global slowdown last year. The pandemic merely hastened the inevitable.
domp They weren't derailed by the cornovirus. They were derailed by the lockdowns. We need to stop pretending they are the same thing.
domp sad if that happens ..they’ve been around for years and years
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