Mosaic Brands (ASX:MOZ) to close up to 500 stores

Company News

by Rachael Jones

Apparel retailer Mosaic Brands (ASX:MOZ) is getting ready to permanently close up to 300-500 of its stores over the next two years, dependent on leases.

They announced an underlying loss before interest, tax, depreciation and amortisation (EBITDA) of $45.8 million for the full year to 28 June 2020, the result being materially impacted by the recent bushfires and the Covid-19 pandemic.

Covid saw them close all 1,333 stores for 9 ½ weeks including the peak Mothers’ Day trading period.

This lead to a 16.5 per cent drop in sales to $713.6 million.

The retailer, which owns Noni B, Katies, Millers, Rockmans, Rivers, Autograph among others.

Shares in Mosaic Brands (ASX:MOZ) are trading 8.8 per cent lower at 62 cents.