The parent company of budget clothing brands Millers, Katies, Noni B and more is seeking advice on options to refinance and restructure the company as it struggles to recover from a pullback in consumer spending, a botched technology roll-out and poor sales.
The parent company behind budget clothing labels Noni B, Rivers, Katies, and Millers is seeking advice on navigating financial difficulty.“The group wishes to confirm that its directors have and continue to take advice from advisers on their ongoing duties.
Safe harbour provisions protect company directors, who are responsible if a company trades while insolvent, from personal liability for debts incurred by an insolvent company if they take action that will lead to a better outcome for company and creditors than if it were to appoint external administrators.Mosaic Brands has struggled in recent years and was caught on the back foot during the COVID-19 pandemic when it had to shut its stores and rapidly improve its online shopfront.
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