AUSTRALIA: Mothercare Australia falls into administration
Mothercare Australia has fallen into administration after a deal with private investment firm Myer Family Company to buy the business fell through.
Myer Family Companies in October agreed to provide Mothercare Australia with A$500,000 (US$520,000) of short term working capital. However, there were a number of conditions to the transaction. Myer Family Companies terminated the agreement yesterday (29 January), saying some conditions were not fulfilled or waived.
Mothercare UK, which holds a minority stake in the business, said that in November last year it made a provision of GBP10.6m covering the value of its investment and other receivables from Mothercare Australia. Since then, receivables from Mothercare Australia have been tightly controlled on short payment terms.
It said that Mothercare Australia accounts for approximately 7% of international retail sales, and the expected impact on profit is minimal.
Brian Silvia and Antony Resnick of BRI Ferrier have been appointed as joint administrators.
More than 220 companies have now signed the Accord on Fire and Building Safety in Bangladesh following the collapse of the Rana Plaza factory building in Dhaka, which killed more than 1,100 people in ...
Unveiling a new five-year plan to improve worker safety at the factories in Bangladesh that produce their clothing, North American brands and retailers were keen to stress the similarities between the...
Mothercare has said it expects trading conditions to remain challenging in the UK and Europe after blaming an "increasingly promotional" market for a 3.4% sales decline in the first quarter....
Mother, baby and children's goods retailer Mothercare has narrowed its first-quarter loss at the end of the first year into its three-year transformation plan, despite being hampered by ongoing challe...
- Why China 5-year plan won't change garment-making
- ‘Fixing Fashion’ one stitch at a time
- Navigating a turbulent sourcing landscape
- Supply chains under pressure as Black Friday looms
- Jordan garment sector strong amid regional unrest
- US Q3 in brief: Burlington Stores, Guess, Chico's
- Global clothing and footwear trade to drop by 1.5%
- Adidas has greenest textile supply chain in China
- Cambodia living wage campaign kicks off
- New Balance launches first 3D printed running shoe
- Wearable technology: The future market potential for smart garments and e-textiles
- Practical Brand Sourcing Strategy
- Statistics: Trends in Global and Regional Man-made Fibre Production - 2015
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Technical Textile Markets: Product Developments and Innovations - 2nd Quarter 2015