×
73 130
Fashion Jobs
BLOOMINGDALE'S
Asset Protection Detective, Full Time - Chestnut Hill
Permanent · Newton
BLOOMINGDALE'S
Asset Protection Detective, Full Time - Boca Raton
Permanent · Boca Raton
JCPENNEY
Sales Floor Supervisor - Paradise Valley Mall
Permanent · Phoenix
HOMEGOODS
Loss Prevention Detective
Permanent · Braintree
MARSHALLS
Retail Sales Floor Supervisor
Permanent · Monticello
URBN
fp Stylist
Permanent · ALBUQUERQUE
RALPH LAUREN
pt Sales Professional
Permanent · Malibu
RALPH LAUREN
ft Sales Professional
Permanent · New York
URBN
Terrain Doylestown Cafe | Assistant General Manager
Permanent · DEVON
URBN
Free People Assistant Visual Manager
Permanent · HUNTINGTON BEACH
URBN
Free People Assistant Visual Manager
Permanent · BURLINGTON
URBN
Anthropologie Design Director - Furniture
Permanent · PHILADELPHIA
URBN
Anthropologie Design Director - Fabric & Textile Concept
Permanent · PHILADELPHIA
FABLETICS
Principal Product Manager
Permanent ·
UNDER ARMOUR
Stock Teammate, Part-Time 3am-11am Shift, $16.75 Per Hour
Permanent · COMMERCE
BLOOMINGDALE'S
Asset Protection Detective, Full Time - Chestnut Hill
Permanent · NEWTON
BLOOMINGDALE'S
Asset Protection Detective, Full Time - Boca Raton
Permanent · BOCA RATON
OLD NAVY
Assistant General Manager - [email protected] cr
Permanent · GRAND RAPIDS
GAP INC.
Asset Protection Coordinator - 4th & Market - sf
Permanent · SAN FRANCISCO
OLD NAVY
Asset Protection Coordinator - Oakland Area
Permanent · CONCORD
NEWELL
Maintenance Manager- Automation
Permanent · VICTORVILLE
NEWELL
Quality Manager
Permanent · MOGADORE
Published
Apr 13, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Myer rescues David Lawrence, Marcs from potential closure

Published
Apr 13, 2017

Australian fashion retailers Marcs and David Lawrence are off the chopping block, with department store major Myer purchasing the brands and stock from administrators just weeks after the duo started closing down stores.


Myer rescues David Lawrence, Marcs from potential closure - David Lawrence


Myer -- Australia's second biggest department store -- announced the deal on Thursday, which includes Marcs' and David Lawrence's existing inventory, brand names and intellectual property but does not include lease liabilities and staff obligations, according to the Australian Financial Review.

Owned by M. Webster Holdings, ​Marcs and David Lawrence went into administration February 2, owing about AU$30 million (US$26.61 million) to creditors including owner Malcolm Webster, a secured creditor.

Appointed administrators Rodgers Reidy had already closed 13 stores in Australia and ten in New Zealand earlier in the year, in a bid to make the purchase of the struggling pair more attractive to investors. The other option, permanently close all stores.

“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,"  Andrew Barnden, administrator and director of Rodgers Reid told local media, at the time of the New Zealand market exit in early March.

Speaking of this week's acquisition, Myer's chief merchandise and customer officer Daniel Bracken told The Australian Financial Review that Myer came to the rescue a week ago after it became clear that no buyer could be found and the brands would be wound up.

"These brands are very very successful brands at Myer, both are considered part of our wanted brands strategy and both are highly productive (with high sales per square metre)," Bracken told the AFR.

The purchase price for the Marcs and David Lawrence inventory, brand names and other intellectual property was not disclosed.

Moreover, it was not disclosed if David Lawrence and Marcs stores in New Zealand would reopen and if more Australian outlets would fall. The retailer continues to trade 177 Marcs and David Lawrence stores in Australia.

Copyright © 2023 FashionNetwork.com All rights reserved.