The news comes following a loss of $212M for Mosaic Brands in FY20.
Mosaic Brands is one of the largest speciality fashion retail groups in Australia. Collectively, the brand currently has around 1400 stores where customers are able to purchase from a selection of brands including Millers, Rockmans, Noni B, Rivers, Katies, Autograph, W.Lane, Crossroads and Beme.
A combination of store closures due to the bushfires just before Christmas and the Covid-19 pandemic has been said to utterly derail the brands forecast and Mosaic now expects to close between 300-500 store locations in the next two years when around 87% of its leases will end naturally.
“The 300 or 500 will be based on the terms of the landlord and what we think the future sales in those locations will be. If we can’t agree, and in a period of time the landlord wants us back and gives us the deal that we think would be right… then we would reopen them.” commented Mosaic Chief Executive, Scott Evans.
