Myer has secured embattled brands Marcs and David Lawrence.
The two brands appointed voluntary administrators earlier this year.
Myer deputy chief Daniel Bracken said the company was delighted to have secured the two iconic Australian brands.
“The acquisition of these brands is strongly aligned with the New Myer strategy. Marcs and David Lawrence are two of our most productive and most sought-after brands in our stores and we are very pleased they will continue to be available at Myer.
“We are also pleased that through this acquisition we hope to be able to secure the future employment of a number of the Marcs and David Lawrence people. However at this time it is too early to say how many team members will transition to Myer.”
Administrator Geoff Reidy said this was an excellent outcome.
“As well as securing the future of two iconic Australian brands Marcs and David Lawrence, Myer’s acquisition is in the interests of creditors."
Both Marcs and David Lawrence will continue to operate within Myer under the shop-in-shop model.
Under the terms of the acquisition, Myer will acquire the brands, intellectual property and inventory of Marcs and David Lawrence.
Myer is working with the administrator to determine the future of the brands’ concessions, free standing stores and arrangements with other retail partners.
Commercial terms of the transaction are not being publicly disclosed.