The combined companies that operate retail fashion labels Marcs and David Lawrence in Australia and New Zealand have appointed Voluntary Administrators.
Pursuant to resolutions passed by the sole director of the Companies on 1 February 2017, Geoffrey Reidy and Andrew Barnden, Directors of Rodgers Reidy, were appointed as Voluntary Administrators to M. Webster Holdings Pty Limited and Webster Asset Pty Limited and Andrew Barnden and Paul Vlasic, a Director at Rodgers Reidy’s Auckland office, were appointed as Voluntary Administrators to M. Webster Holdings (NZ) Limited.
The Companies operate the recognised retail fashion labels Marcs and David Lawrence across 52 stand alone stores, 11 outlets and over 140 concession stores operating out of Australia and New Zealand.
In Australia, the Companies employ approximately 1,130 staff. 640 staff are employed on a casual basis, approximately 260 staff are employed on a full-time basis and 230 on a part-time basis. There are 10 stores in New Zealand employing 42 staff.
The Companies’ sole director, Mr Malcolm Webster, has informed the Administrators that the appointment of administrators was necessary due to factors including deteriorating sales, general market conditions and poor cash flow.
The Administrators are advised by the Companies that:
- Employee wages have been paid up until 30 January 2017.
- Superannuation has been paid up until 31 December 2016.
All existing gift cards and returns will be handled in accordance with the Companies’ existing policies.
All staff would be advised of their roles within the business by their direct line managers.
Geoffrey Reidy, Director of Rodgers Reidy said: “We intend to review the operations of the businesses and continue to trade while we market the businesses for sale.”
The Administrators will issue a further announcement as to the date and time of the first meeting of creditors.