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Marquee Retail Group Exits Administration

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By Published On: June 11, 20240 Comments

Marquee Retail Group has accepted a DOCA that will save up to 400 jobs and pull the company out of administration.

Marquee Retail Group has been rescued from its collapse into administration in April. The company owns the brands Colette by Colette Hayman and The Daily Edited (tde.) 

Owner and Chair Bernie Brookes formed the group after he became a major shareholder of tde. in December 2022, joining Colette by Colette Hayman, which the former Myer and Edcon CEO acquired alongside fellow former Myer executive John Skellern in September 2020. MRG launched with these two brands in March 2023.

According to the company, Marquee Retail Group felt the impact of an unplanned downturn in sales from October 2023 to March 2024, citing, “rising inflation and increased interest rates”. 

Domenic Calabretta, Mitchell Ball, and Richard Lawrence of insolvency firm Mackay Goodwin were appointed as voluntary administrators in mid April. 

According to Mackay Goodwin, the execution of a Deed of Company Arrangement (DOCA) has secured the future of the business, allowing it to continue trading, with stores across Australia remaining open – and saving more than 400 jobs in the process.

While the company has confirmed some redundancies and the closure of 20 Colette stores, the new company is confident it  will keep the majority of staff employed. 

“The new company will have 40 stores under the Colette by Colette Hayman brand, along with its online site,” said Marquee Retail Group Owner and chair Bernie Brookes. “It will also maintain the online business for tde.”

“There were fewer than 10 redundancies. Mackay Goodwin evaluated alternatives for the business, including offers to purchase it (or parts of the business), however, the best outcome for creditors and staff was to accept the DOCA.”

“The successful DOCA means we can keep the lights on, the doors open, and keep our team employed while continuing to supply Australians with the quality accessories they love.”

About the Author: Rosalea Catterson

Rosalea is the Editor of Power Retail. With a keen interest in consumer behaviour and tech, she covers everything ecommerce and hosts the Power Retail Power Talks Podcast.

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