The business behind some of Australia’s best-known brands has gone into voluntary administration.

Fashion retailer Mosaic Brands, the owner of brands such as Millers, Rivers, Katies, Noni B and Autograph, confirmed the move in an announcement to the ASX on Monday.

“Following recent attempts by the company to informally restructure its operations, the board of Mosaic has determined that voluntary administration is now the most appropriate way to restructure the group,” it said.

The group has about 763 stores and thousands of employees across Australia and New Zealand but has been trying to focus more on big-box Rivers megastores in regional Australia.

Monday’s announcement follows the decision a month ago to shutter the Rockmans, Autograph, Crossroads, W.Lane and BeMe brands to allow the company to focus on its Millers, Noni B, Rivers and Katies brands, as well a standalone online marketplace.

That was expected to lead to the closure of dozens of shops and the loss of hundreds of jobs.

According to Mosaic’s financial report from August 2023, it had 150 Rockmans stores, 49 Autograph stores and 32 W.Lane stores. BeMe and Crossroads are online-only outlets.

The company said on Monday it had appointed Vaughan Strawbridge, Kathryn Evans, Kate Warwick and David McGrath from FTI Consulting as administrators.

Mosaic’s senior secured lender has appointed KMPG as receivers and managers to work alongside the administrators.

Control of Mosaic will shift to FTI Consulting, which will assess the company’s accounts and determine whether it can be restructured to continue trading or whether it should enter liquidation.

In February, Mosaic said it made a $5.4 million net profit, up 38 per cent from the previous quarter.

But it also ended 2022-23 with a net liability position of $66 million, including $39 million in debt and $45 million in lease liabilities, which its annual report noted “may cast significant doubt on the group’s ability to continue as a going concern”.

At the time, Mosaic’s board of directors expressed optimism the company would be able to pay its debts as and when they fall due.

-with AAP