Mosaic Brands (ASX:MOZ) appointed joint and several administrators from FTI Consulting after not being able to get support for a proposed restructuring and reach a deal with Australia's competition regulator in ongoing legal proceedings, according to a Monday filing with the Australian bourse.
Vaughan Strawbridge, Kathryn Evans, Kate Warwick, and David McGrath will work with receivers and managers David Hardy, Gayle Dickerson, Ryan Eagle, and Amanda Coneyworth of KPMG as part of the company's restructuring process, the filing said.
The retailer originally expected to start the restructuring process to realign and simplify its focus and resume trading on the Australian bourse, necessitating talks with lenders, suppliers, and service providers.
The company is also facing ongoing legal proceedings filed by the Australian Competition and Consumer Commission related to the alleged non-delivery of goods during the COVID-19 pandemic, the filing stated.
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