Mosaic Brands‘ shares and convertible notes will be placed in compulsory trading suspension starting on Monday due to the non-lodgement of its annual financial report.

Mosaic expects to lodge its financial report, along with its market update, no later than September 30.

Earlier this month, it stated that it would release its FY24 results on August 28. However, on Friday, the fashion retailer said it needed more time to resolve a number of concerns before finalising the results.

During the period, the company intends to “consult and work with all relevant stakeholders to accelerate a strategy to realign its operations to be more reflective of current and anticipated market dynamics.”

Mosaic added it is working constructively with its senior lender through the period.

Earlier, the company said it was considering the applicability of safe harbour provisions amid operational issues adversely affecting its trade.