Mosaic Brands (ASX:MOZ) said the businesses operated by the Mosaic Group were unable to be sold despite a number of expressions of interest being received, according to a Wednesday Australian bourse filing.
The firm's receivers and managers advised that all stores will likely close by mid-April, and the business will cease to operate.
There will not be any money to pay debts owed to unsecured creditors, including suppliers and landlords, for goods and services supplied before Oct. 28, 2024, as funds from the realization of assets are not expected to be sufficient, per the filing.
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