Sydney, 3 April, 2024 — 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.
Whilst 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. Whilst 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.
The company values the continued support and understanding of its customers, suppliers, and employees and will maintain transparent and open communication as it navigates through this process. It remains focused on finding a constructive resolution while upholding its obligations to its valued stakeholders.
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.”
The company will not make any further comments until the process of Voluntary Administration is concluded.
#ends#
About us:
About MRG: Marquee Retail Group (MRG) Pty Ltd are the parent company of the brands Colette by Colette Hayman (Colette) and The Daily Edited (tde.) Colette by Colette Hayman is an Australian affordable handbag, jewellery and fashion accessories business, delivering new styles weekly that showcase the latest fashion trends and classic styles to accommodate everyday lifestyle needs and special events.
The Daily Edited (tde.) is an Australian luxury fashion brand, specialising in monogramed lifestyle leather accessories. Based in Sydney, Australia, with a flagship store in QVB, Sydney and an international following online - selling embossed and personalised women's and men's leather goods, stationery and desk accessories, bags, pouches, clutches, wallets, phone cases, diaries and overnight bags.
About Mackay Goodwin: Founded by CEO Domenic Calabretta, Mackay Goodwin is one of Australia’s leading insolvency and restructure businesses and has carved a niche successfully working with stakeholders in distressed businesses. It has also launched its business advisory sector to assist companies of all sizes at every stage of their life cycle. The company handles everything from complex restructures and recoveries for listed companies and on behalf of various financial institutions to advising SMEs and finding the most appropriate business solution that works for all parties.
Contact details:
Fiona Hamann
fiona_hamann@hamanncommunication.com
0415 191 659
Kate McMahon
0450 378 979