Hey @juneauquan, @dominator

https://hotcopper.com.au/threads/ann-receivers-update.8428521/

News

https://www.abc.net.au/news/2025-02-01/the-demise-of-mid-range-fashion-rivers-millers/104876424

The empire is built

Mr Kindl and his partner set up 38 Noni B stores in New South Wales and Victoria by 1989, and he told the Australian Financial Review his philosophy:

"Find out what the buggers want, and give them all you can," he said.

Mr Kindl later bought out his partner for $1.2 million with a view towards expanding the Noni B brand.

"I close my eyes and I can see a five-foot-four woman, size 12 or 14 and how she looks, and that is our customer," he said.

Noni B wasn't the only brand targeting the new working class of Australian women.

So, to conclude >>>>

Fashion and business expert Dr Carol Tan said the outcome was not unexpected.

"Given the current retail environment and the financial struggles of Mosaic Brands, it is understandable that no buyers were found for Millers and Noni B," she said.

All of Mosaic's failed fashion chains to close down

Photo shows A Noni-B online store is seen on an i-pad

Mosaic's receivers have failed to find new owners for Millers and Noni B, the last two brands with any hope of a future following the fashion group's collapse

"The retail sector has been facing significant challenges over the past few years, including economic pressures, changing consumer behaviours, and the rise of online shopping.

"This outcome shows the tough conditions in the retail market and the difficulty of turning around struggling brands in such an environment.

"While there might have been hope to find a buyer, the reality of the situation made it a challenging prospect."

Mosaic Group said it expected to close all its remaining stores down by mid-April.

The total number of job losses is expected to exceed 2,000.

The share price for Mosaic Group is currently $0.036.

I noted that a family member commented that at one of Mosaic brands stores they got a great deal where everything in store was $25 or less. This meant significant discounting, often over 50%. Looking at websites of many of the other brand's owned by Mosaic, it appears there are similar deals on a broad range of items. If this were Boxing Day, the level of discount would make sense, but this is occurring the week before Christmas?? Unless this is their standard practice for encouraging sales, I am wondering if something is significantly wrong? Do they need to raise cash quickly or have way too much inventory?

I had previously had a quick look at Mosaic Brands. I concluded, if this doesn't go under then with just a small improvement in the long-term outlook it could be considered cheap. However, I thought the risk of going under is real and significant discounting before the Boxing Day sales wouldn't give me any positive signs if I was a holder... Hopefully, I'm completely wrong...

Mosaic Brands 1H 2021 results

•  Underlying EBITDA* for the period of $45.1m up 38%.•Record online sales up 27% on the previous corresponding period, with online products available growing to over 350,000 SKUs as customers diversify purchasing behaviour.
•  Net Cash holdings up, closing on $65.3m from $5.4m in the PCP.
•  Strategy of margin growth results in -5.6% comp store margin against -15% comp store sales with statutory gross margin increasing to 61%**.
•  Group expects a return to sales growth on the back of COVID-19 vaccine tailwinds in FY22.

Notes: All amounts referenced exclude EziBuy contribution unless otherwise specifically stated.

*EBITDA is a non-AASB financial measure, defined for the purposes of this document as earnings before interest, tax, depreciation, amortisation, non-recurring income/expenditure and certain non-cash items such as share based payments and unrealised foreign exchange gains/losses and excludes restructure and acquisition costs and has been adjusted to normalise the impact of AASB16 accounting treatment.

** Gross margin adjusted for unrealised movements in foreign exchange