The owner of popular fashion accessory brands Colette by Colette Hayman and The Daily Edited has entered voluntary administration.
Marquee Retail Group said it aims to keep all 60 stores open while in voluntary administration and has no plans to cuts its 400 workforce.
It would be “business as usual”, the company said as it continued to operate, with the aim of securing a sale of the businesses.
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MRG said the company had suffered a decline in sales from October 2023 to March 2024, due to higher interest rates and inflation.
It also said ongoing debt with the Australian Taxation Office had impacted its performance.
Insolvency firm Mackay Goodwin has been appointed to manage the company’s administration.
In December 2022, Colette by Colette Hayman bought The Daily Edited, also known as tde.
The Daily Edited is best known for monogrammed leather goods such as handbags and phone cases and had shops in Sydney as well as in the US and Singapore.
Marquee Retail Group chairman Bernie Brookes said: “Our decision today is about securing the future of the Marquee Retail Group and its employees, while emerging on the other side of voluntary administration.
“We hope to work with all parties to ensure an outcome, either with a sale or a deed of company arrangement recommended in time by the administrator.”
“The board of directors regret that these events have come to pass and acknowledge all the group’s employees for their hard work and contribution,” said Brookes.
