Australian retailers Marcs and David Lawrence will close all stores in New Zealand, as the fashion brands struggle to find a buyer after declaring bankruptcy in early February.
Marcs and David Lawrence, owned by M. Webster Holdings, will close ten New Zealand stores and will say goodbye to 44 staff while administrators Rodgers Reidy try to find a buyer for the retailer’s remaining Australian stores.
Rodgers Reidy advised the closures will take place over the next two months.
“Both brands have been operating in New Zealand for more than ten years,” said Andrew Barnden, administrator and director of Rodgers Reidy.
“As administrators, we have an obligation to restructure the operations of the Australian and New Zealand businesses while we attempt to sell the business as a going concern.”
The future of the business in Australia is still unclear.
“Whilst the New Zealand stores of Marcs and David Lawrence are closing permanently, we are dealing with interested parties with respect to the sale of the Australian businesses and are continuing to trade 177 Marcs and David Lawrence stores. No decision has yet been made on the Australian arm of the businesses,” said Barnden.
The fashion retailer has already closed 13 stores in Australia after going into voluntary administration on February 1.
(Source: Fashion Network)