Will the billionaires behind the Spotlight group be the White Knight that Mosaic Brands needs?
The super wealthy never want to talk about when they’re losing money. Consider Mosaic Brands, the tired and struggling retailer, where a who’s who of Australian businessmen have watched their investments shrink, as the group tries to stave off collapse. Some might argue those investors may have been better putting their money in a paddock and setting fire to it.
A who’s who of Australian businessmen have invested in Mosaic Brands from left to right: Zac Fried, Morry Fraid, Tony Berg and Phil Green.Other investors in Mosaic are Tony Berg, a former chief executive of Macquarie, and the Alceon group, co-founded by Trevor Loewensohn, a former investment banker, and former Babcock & Brown chief executive Phil Green.
Last month, Mosaic’s management revealed the group would axe its Rockmans, Autograph, Crossroads, W.Lane and BeMe brands, which includes shuttering an unspecified number of stores and laying off an unspecified number of staff. Mosaic Brands owns Rivers, Katies, and Noni B. Last month, it said it would axe some of its stores including Rockmans.
Some suppliers have engaged lawyers while others have disclosed to this masthead the offers from Mosaic will hurt or ruin their businesses. Undoubtedly, Mosaic’s negotiations have strained supplier relationships, which raises questions about it stocking its stores into the festive season. In June, Mosaic issued a statement advising shareholders the group would have a “marginal loss” for the full year at the earnings before interest, tax and depreciation line. By July, in another statement, this loss had grown to between $5 million to $10 million. In August, Mosaic failed to file its accounts and in September, its shares were suspended.
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‘Why don’t you pay me?’ Katies, Noni B operator accused of being a ‘predator’Mosaic Brands, which employs 4000 staff in its stores such as Katies, Rockmans and Noni B, is struggling. To secure its own survival, it appears willing to sacrifice its global suppliers.
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‘Why don’t you pay me?’ Katies, Noni B operator accused of being a ‘predator’Mosaic Brands, which employs 4000 staff in its stores such as Katies, Rockmans and Noni B, is struggling. To secure its own survival, it appears willing to sacrifice its global suppliers.
Read more »
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