Forty Colette retail outlets will continue to trade across the country, as part of a restructure of parent company Marquee Retail Group (MRG) following a two-month-long voluntary administration process. The new trading entity for the Bernie Brookes-led fashion accessories and jewellery group will also continue operating The Daily Edited as an online-only brand. Administrators from Mackay Goodwin were appointed to MRG in early April , due to an unexpected decline in sales since October 2023.
At the time, the group was operating some 60 Colette by Colette Hayman retail stores, as well as The Daily Edited e-commerce platform. However, creditors have voted to accept a Deed of Company Arrangement (DOCA), which will see the business continue trading with a smaller network of 40 Colette stores. In a statement provided to SmartCompany , Mackay Goodwin said the restructure has saved more than 400 jobs.
“This is a fantastic result, enabling an iconic business to keep its doors open,” said administrator and Mackay Goodwin CEO Domenic Calabretta. “The team at Mackay Goodwin worked seamlessly with the team from MRG to make this happen, including many late nights, weekend work, and bi-lingual negotiations with overseas Chinese suppliers.” Former Myer boss Bernie Brookes acquired Colette by Colette Hayman out of administration in September 2020, later forming Marquee Retail Group to house the fashion accessories and jewellery brand.
The group then went on to also acquire The Daily E.