David Lawrence and Marcs appoint administrator after deteriorating clothing sales
An administrator has been appointed to fashion brands David Lawrence and Marcs amid deteriorating sales in Australia and New Zealand.
Administrator Rodgers Reidy's director Geoffrey Reidy said the two brands would continue to trade.
He said their operations were being reviewed ahead of a planned sale of the businesses.
The sole director of the companies operating the labels, Malcolm Webster, said it was necessary to appoint voluntary administrators because of deteriorating sales, market conditions and poor cash flow.
The companies operate the labels Marcs and David Lawrence across 52 stand alone stores.
There are over 140 concession stores operating out of Australia and New Zealand.
The companies employ 1,130 staff with around half employed on a casual basis.
In a statement, the administrators said:
• 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.
