Fashion and accessories business Marquee Retail Group has returned from administration following the completion of a deed of company arrangement (DOCA) process.
The DOCA was completed in two months and saved more than 400 jobs across both the business’ brands, Colette by Colette Hayman and The Daily Edited.
Marquee Retail Group chairman Bernie Brookes confirmed, however, that there were fewer than 10 redundancies.
“The new company will have 40 stores under the Colette by Colette Hayman brand, along with its online site. It will also maintain the online business for The Daily Edited (tde.),” he said.
Restructuring and insolvency firm Mackay Goodwin oversaw the deal. Brookes added that the firm had evaluated alternative options, including offers to purchase it wholly or parts of, but said the best outcome for creditors and staff was to accept the DOCA.
“The entire MRG team showed remarkable resilience during this difficult period, and their efforts, along with the patience of suppliers and landlords are greatly appreciated,” Brookes said.
“MRG would like to thank our loyal customers and will continue to honour all gift cards issued before administration. Customers can look forward to new stock arriving over the next few weeks.
“This is a huge weight off our shoulders for the leadership team and valued employees. 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."
Mackay Goodwin CEO Domenic Calabretta said it was a fantastic result, adding that the team worked across late nights and weekends to finalise the process, as well as bi-lingual negotiations with overseas Chinese suppliers.