Fashion labels Marcs and David Lawrence collapse
Retail fashion labels Marcs and David Lawrence have gone into voluntary administration in New Zealand and Australia, putting at risk 42 Kiwi jobs.
The brands operate from 52 stand alone stores, 11 outlets and 140 concession stores in the two countries.
Ten of those stores and 42 staff are in New Zealand, while 1130 staff, including 260 full time workers, are employed in Australia.
The sole director of the companies operating the labels, Malcolm Webster, says it was necessary to appoint administrators because of deteriorating sales, market conditions and poor cash flow.
Geoffrey Reidy from administrator Rodgers Reidy said the two brands would continue to trade while his team reviewed their operations ahead of a planned sale of the businesses.
The fashion brands told the administrator all employee wages were paid until January 30, 2017.
Staff will hear more about their futures from their managers, while customer gift cards and returns will be honoured as normal, the administrator said.