The receivers and managers of Mosaic Brands (ASX:MOZ) are set to wind down all stores of the group, with operations expected to cease by the end of April, according to a Monday Australian bourse filing.
The receivers and managers said that the planned closure of Rivers, Millers, Noni B, and the remaining brands and stores in the Mosaic Brands portfolio is expected to shutter 388 stores, directly impacting 1,583 employees.
The move was made after not achieving a sale of any of the brands within the portfolio, the filing said.
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