Leading restructuring and insolvency firm, Mackay Goodwin, is pleased to announce the successful completion of the voluntary administration of Colette by Colette Hayman and the daily edited (tde.) retail chains under Marquee Retail Group (MRG). The execution of a Deed of Company Arrangement (DOCA) has secured the future of the business, allowing it to continue trading, with stores across Australia remaining open – and saving more than 400 jobs in the process.
The DOCA lays the foundation for a prosperous future for the business, and the successful outcome is a testament to the collaborative effort between Mackay Goodwin and the MRG team, reflecting a shared commitment to preserving the much-loved retail business and its workforce.
Mackay Goodwin CEO Domenic Calabretta said: “This is a fantastic result, enabling an iconic business to keep its doors open. The team at Mackay Goodwin worked seamlessly with the team from MRG to make this happen, including many late nights, weekend work, and bi-lingual negotiations with overseas Chinese suppliers.
“The achievement not only underscores the dedication of the Mackay Goodwin team but also exemplifies the firm’s unwavering support for Australian businesses during challenging times. It reflects Mackay Goodwin’s commitment to standing with Australian businesses in the moments that matter,” he said.
The DOCA was completed in two months saving more than 400 jobs in the process.
Bernie Brookes from MRG was delighted with the result, saying: “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 added: “There were fewer than 10 redundancies. Mackay Goodwin evaluated alternatives for the business, including offers to purchase it (or parts of the business), however, 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 also 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.”
Brookes continued: “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.”