The Board of Directors of Marquee Retail Group (MRG) has appointed Domenic Calabretta, Mitchell Ball, and Richard Lawrence of Mackay Goodwin as voluntary administrators. MRG owns the brands Colette by Colette Hayman (Colette) and The Daily Edited (tde.)
MRG has felt the impact of an unplanned downturn in sales from October 2023 to March 2024, as a result of rising inflation and increased interest rates. That was compounded by its ongoing debt arrangement with the ATO, which dates from the COVID-19-induced drop in sales.
While under voluntary administration it will be business as usual. MRG aims to keep all stores open, with no plans to reduce staff numbers at this stage.
Chairman of the board Bernie Brookes said: “Our decision today is about securing the future of the Marquee Retail Group and its employees, while emerging on the other side of Voluntary Administration. We hope to work with all parties to ensure an outcome, either with a sale or a Deed of Company arrangement recommended in time by the Administrator.”
“The Board of Directors regret that these events have come to pass and acknowledge all the Group’s employees for their hard work and contribution,” said Brookes.
He continued: “For our customers, everything will remain consistent as our stores continue to operate and receive regular stock. As for our staff, their routine remains unchanged until the Administrator decides upon an outcome and a way forward.”
While it works towards a Deed of Company Arrangement (DOCA) and explores the potential sale of the business (whole or in part) as part of its strategic options. MRG remains dedicated to its employees and is committed to providing ongoing support during this time.
