Administrators for rescued retail chains Marcs and David Lawrence have paid out all employees affected by the company’s transition to new ownership.
Deed administrator Rodgers Reidy said M. Webster Holdings Pty Ltd, which formerly traded as Marcs and David Lawrence, paid a distribution to the employees of the company representing payment in full of employee entitlements.
“While many current employees were re-employed by FFS Retail Pty Ltd, a subsidiary of Myer, when it purchased the assets, those employees who were not re-employed have now been paid their entitlements in full,” said Andrew Barnden of Rodgers Reidy.
“We have been working closely with Myer to transition the assets to FFS Retail Pty Ltd in a seamless manner.
“In the new year we expect to pay a distribution to the unsecured creditors of the company, which will finalise the successful sale and restructure of the company. We also understand that many former suppliers have also benefited from the sale through ongoing trade.”
Myer salvaged the Aussie fashion duo from liquidation in April.
The fashion retailers, which are two of Australia’s best-known labels, had employed about 1130 staff in Australia and another 42 in New Zealand across their 52 stores, 11 outlets and 140 concessions, until entering administration in February.
Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.
