In a bid to navigate the challenges posed by escalating living costs, Marquee Retail Group, the parent company of popular accessory brands Colette by Colette Hayman and The Daily Edited, has opted for voluntary administration.
The unexpected downturn in sales from October 2023 to March 2024 has prompted MRG to take this step, attributing the decline to surging inflation and rising interest rates. Additionally, the lingering effects of the Covid-induced sales slump have exacerbated the situation, with the company grappling with ongoing debt arrangements with the Australian Taxation Office.
The appointment of Domenic Calabretta, Mitchell Ball, and Richard Lawrence of Mackay Goodwin as voluntary administrators underscores MRG’s commitment to securing the future of its business and employees. Chairman Bernie Brookes emphasized the board’s dedication to exploring all avenues for a favorable outcome, whether through a sale or a deed of company arrangement.
Despite the administrative changes, MRG reassures customers that operations will continue seamlessly, with stores remaining open and regular stock replenishment. Similarly, the company affirms its commitment to its employees, assuring them of unchanged routines until a resolution is reached.
Looking ahead, MRG confirms its intention to explore strategic options, including the potential sale of the business, either wholly or partially, in pursuit of a viable path forward.