10 Mackay stores in national retailer’s firing line
TEN Mackay retail stores could be in the firing line to close after Mosaic Brands announced it was shutting up to 500 stores within two years.
The retail juggernaut owns 1333 stores across Australia with a slew of popular fashion chains including Millers, W Lane, Noni B, Rivers, Katies, Autograph, Rockmans, Crossroads and beme.
The company reported a staggering $45.8 million annual loss on Tuesday, a far fall from its originally forecasted $75 million profit.
That forecast was decimated, first by the bushfires which impacted 20 per cent of the stores in the portfolio over the Christmas period, then by COVID-19 which resulted in the retailer closing all its stores for 10 weeks.
While it was not certain which stores would close, Mosaic Brands’ CEO Scott Evans said it was uncertain times.
He said the company aimed to minimise closures.
“The retail rental market in Australia is not paused because of the pandemic – it is fundamentally changed for the future,” he said.
“Some, though not all, landlords accept that reality.”
Mackay is home to 10 stores under the Mosaic Brand including:
– Millers at Caneland Central and Mt Pleasant Shopping Centre
– W Lane at Caneland Central and Mt Pleasant Shopping Centre
– Noni B at Caneland Central
– Rivers at Caneland Central
– Katies at Caneland Central
– Autograph at Caneland Central
– Rockmans at Caneland Central
– beme at Caneland Central
Mosaic Brand retailers are holding sales with up to 35 per cent off certain stock.
The Daily Mercury has contacted Mosaic Brands for comment.