While a downsize was announced by the group in September to shut down its brands Rockmans, Autograph, Crossroads, W.Lane and Beme, some of its stakeholders did not support the restructure.
As they were unable to come to a resolution, the Mosaic board decided to appoint administrators to determine the future of the company, which currently has more than 700 stores and employs about 3000 staff.
Despite the September announcement, the Echuca Rockmans store has continued to operate.
A Rockmans staff member said they had not been kept informed by the company. They were hopeful that after a conference call scheduled for Wednesday, October 30, they may learn more from their manager.
Millers, Rivers, Noni B and Katies were the focus of the restructure, with the company looking to reinvest its time and money into the brands.
The group said in a statement it would continue to trade during this period, which will see staff from FTI Consulting as administrators.
A Rivers Echuca staff member said they too were in the dark about their next steps, but felt confident that sales showed they were a viable store.
“Rivers is a good brand and is actually ... making money,” the staff member said.
“We are waiting to hear, we haven’t got an email or anything yet. But it’s coming.
“At the moment, we’re okay ... we’ll keep our fingers crossed.”
Mosaic Brands told The Riverine Herald that the already planned closures would continue, but these specific stores have not been chosen.
In a statement, chief executive Erica Berchtold said the group remained in a desirable position with room to grow.
“Mosaic Brands continues to be an exciting opportunity to reshape a business with a clearly defined market proposition for its target customers, and employees, that we can be proud of,” she said.
“Our priority is to accelerate the rationalisation plans we have in place to focus on the core brands to service current and attract new customers across metropolitan and, importantly, regional Australia.”
