MYER SALVAGES MARCS AND DAVID LAWRENCE

Myer has saved Marcs and David Lawrence from liquidation after announcing they were to acquire the Australian brands. The commercial terms of the transaction are not being publicly disclosed. Until entering administration in February, Marcs and David Lawrence retailers had employed 1130 staff in Australia and 42 in New Zealand across 52 stores, 11 outlets and 140 concessions. Myer has acquired the intellectual property, and the inventory of both brands. Myer will determine the future of the two brands' free standing stores, concessions, and arrangements with other retail partners.

“The acquisition of these brands is strongly aligned with the new Myer strategy,” said Daniel Bracken, chief merchandise and customer officer and deputy CEO of Myer. “Marcs and David Lawrence are two of our most productive and most sought-after brands in our stores and we are very pleased they will continue to be available at Myer. We are also pleased that through this acquisition we hope to be able to secure the future employment of a number of the Marcs and David Lawrence people. However at this time it is too early to say how many team members will transition to Myer.”