Marquee Retail Group (MRG), the parent company of popular accessory brands Colette by Colette Hayman and The Daily Edited, has recently taken a significant step in response to financial challenges. The company has initiated voluntary administration after struggling to rescue both brands from potential collapse. With 60 stores across the country and approximately 400 employees, MRG’s decision marks a crucial moment in the retail landscape.
In a public statement, MRG assured stakeholders that despite this move, all 60 stores will remain operational during the administration process, with no immediate plans for staff reductions. The company expressed its intention to explore options for the sale of all or parts of the business, aiming to sustain operations and preserve jobs.
The journey to this juncture has been marked by turbulence for both Colette by Colette Hayman and The Daily Edited. Colette by Colette Hayman, known for its budget-friendly accessories, faced administration in 2020 before being acquired by former Myer CEO, Bernie Brookes. Similarly, The Daily Edited, specializing in personalized embossed accessories, underwent liquidation following internal disputes among its co-founders.
Marquee Retail Group, established in 2023 after Brookes acquired The Daily Edited and assumed the role of chairman, now confronts the repercussions of a challenging retail environment. The company cited a decline in sales between October 2023 and March 2024, attributing it to factors such as escalating interest rates and inflation. Additionally, MRG acknowledged its ongoing financial obligations to the Australian Taxation Office as a contributing factor to its current predicament.
With the appointment of insolvency firm Mackay Goodwin to oversee the administration process, MRG aims to navigate through this period while striving to maintain normalcy for its customers. Bernie Brookes reiterated the company’s commitment to securing the future of MRG and its employees, emphasizing the pursuit of viable solutions through collaboration with relevant parties.
“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,” stated Brookes. “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.”
Acknowledging the challenges ahead, MRG’s Board of Directors expressed regret over the circumstances while appreciating the dedication and contributions of its employees. As the administration process unfolds, stakeholders will keenly observe the fate of these iconic accessory brands and the broader implications for the retail sector amidst economic uncertainties.
