The news that Marcs and David Lawrence were on the brink of closing forever, sent Australians into a sad mourning of the much-loved Australian fashion brands. With many in shock at the news the company was in voluntary administration.
Retail giant MYER has swooped in and saved the day –buying the brands for an undisclosed figure and saving them from forced closure.
According to NewsCorp the buy-out could save up to 1170 across Australia and New Zealand, across their 52 stores, 11 outlets and 140 concessions. “We are also pleased that through this acquisition we hope to be able to secure the future employment of a number of the Marcs and David Lawrence people. However at this time it is too early to say how many team members will transition to Myer,” chief merchandise and customer officer Daniel Bracken told Fairfax.