Two of Australia’s leading retail labels, Marcs and David Lawrence, are the latest retailers up for sale. The 1130 staff in Australia, and another 42 in NZ, were told on Wednesday 1st February that the operating companies behind the labels had been placed in voluntary administration. Geoffrey Reidy and Andrew Barnden, Directors of Rodgers Reidy, were appointed as the voluntary administrators to M. Webster Holdings Pty Limited and Webster Asset Pty Limited. Andrew Barnden and Paul Vlasic have also been appointed as the VA’s to M. Webster Holdings NZ Limited.
The 52 retail stores, 11 outlets and 140 concession stores will remain open while Rodgers Reidy undertakes a review of their businesses and tries to find a new buyer.
Malcolm Webster, the sole director of the companies operating Marcs and David Lawrence, blamed deteriorating sales, poor cash flow and market conditions for hurting the brands.
Employees of the labels are yet to hear more about their futures from managers. “We intend to review the operations of the businesses and continue to trade while we market the businesses for sale,” said Geoffrey Reidy.
Administrators had been advised that the brands employees’ wages have been paid up until 30 January 2017, superannuation has been paid up until 31 December 2016, all existing gift cards and returns will be handled in accordance with the companies’ existing policies, and that all staff would be advised of their roles within the business by their direct line managers.