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.
Mosaic Brands, the struggling women’s retail group behind Katies, Noni B, Rivers and more, is desperately hoping to stave off financial collapse by asking global suppliers to accept terms where they will be paid as little as one-third of what they are owed.
In an email earlier this month, Berchtold wrote to some suppliers when presenting that document: “This is not something we expect to negotiate on, as it is fair to both parties and speed is of the essence here to ensure we can progress.” This masthead spoke with three suppliers who have worked with Mosaic and are owed money. The suppliers, who requested anonymity because of the confidential nature of the discussions, confirmed they had been asked to accept payment terms where they would be paid in instalments, which may take three years, and to accept a significant reduction in payment, known in the industry as “discounts”, for the amount they were owed.
This supplier also confirmed Mosaic’s management had requested suppliers accept substantially smaller payments for the goods they had already delivered.One supplier, who met Berchtold and Clarke as recently as last week, said there was next to no room for discussion. “Their approach is like, this is it. There’s no negotiation. We are in trouble,” said the supplier.
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