Myer saves Marcs and David Lawrence
Myer has salvaged Aussie fashion duo, Marcs and David Lawrence from liquidation, after today announcing it had reached agreement to acquire the brands.
Commercial terms of the transaction are not being publicly disclosed.
The fashion retailers, which are two of Australia’s best-known labels, had employed about 1130 staff in Australia and another 42 in New Zealand across their 52 stores, 11 outlets and 140 concessions, until entering administration in February.
The New Zealand arm of both chains has since closed with 13 stores shutting in Australia already.
Myer has now stepped in to secure the contemporary Australian designer brands.
“The acquisition of these brands is strongly aligned with the new Myer strategy,” said Daniel Bracken, chief merchandise and customer officer and deputy CEO, 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.”
Geoff Reidy from Rodgers Reidy, Administrators for Webster Holdings said the acquisition is in the interests of creditors.
Both Marcs and David Lawrence will continue to operate within Myer under the shop-in-shop model.
Under the terms of the acquisition, the department store giant has acquired the brands, intellectual property and inventory of both brands.
Myer will determine the future of the brands’ concessions, free standing stores and arrangements with other retail partners.