Mosaic Brands hires Deloitte to refinance CBA held loans
Retailer Mosaic Brands is opening more stores in a bet on increased spending as lender CBA is due $49 million by August next year.
Australian fashion retailer Mosaic Brands has hired Deloitte to help it refinance $49 million in loans owing to the Commonwealth Bank which are set to mature in the middle of next year.
Two sources close to the process told Capital Brief the ASX-listed small cap fashion retailer, which owns nine chains including Rivers, Noni B, and Rockmans, had kicked off the refinancing as it prepares for a busy Black Friday and Christmas trading period. Law firm Hamilton Locke also counts the company as a client.
Mosaic operates around 768 stores and online digital department platforms. While it has closed many stores in recent years, it is in the process of opening around 30 new stores before Christmas, mostly under the Rivers brand..
Mosaic has endured a difficult few years. Australian retailers with large presences in regional markets were hard by the Victorian and New South Wales bushfires in 2019 and 2020. The pandemic also shuttered stores across the country for around 18 months. In April, its New Zealand-based online retailer subsidiary EziBuy was put into administration.
