EziBuy
2023 - 4 - 3
Online clothing retailer EziBuy enters administration (9News)
ASX-listed Mosaic Brands announced its online retailer EziBuy would enter administration after suffering a ...
The company, excluding EziBuy, has boasted a 68 per cent increase in online sales after the pandemic. In light of the losses, the company decided to put EziBuy into administration and restructure the online retailer to improve its cash flow. "The board believes this process to restructure EziBuy is in the best interests of the group's shareholders as it will improve the group's overall net asset position and operating cashflow." [retailer](https://www.9news.com.au/retailers)has collapsed into administration after suffering a substantial decline in sales after the [COVID-19 pandemic](https://www.9news.com.au/coronavirus) "Mosaic intends to propose a restructure to the administrator that would see EziBuy emerge as a simplified, profitable, cash generative online-only operation, and one that is more strongly aligned with the group's successful digital strategies across its other brands," Mosaic said in a statement to the ASX. But in the first half of 2023, the company reported a 51 per cent drop in sales.
Retailer goes under as sales plunge (NEWS.com.au)
An online clothing retailer attached to an ASX-listed shopping giant has gone into administration.
[Sanity shut down all 50 of its stores across Australia](https://www.news.com.au/finance/business/retail/sanity-officially-closes-down-all-its-stores-as-it-pivots-to-online-sales/news-story/c95af7deac186d5e7f02d092e7d2f535) as the pandemic took a toll on the business, but continues operate in a digital space. “The Board determined that it was in the Group’s best interests as a whole that the EziBuy business be restructured,” Mosaic said in a statement shared to the ASX. [unglasses business Soda Shades also went into administration ](https://www.news.com.au/finance/business/retail/sunglasses-retailer-soda-shades-founded-by-australian-influencer-collapses/news-story/84ce2864e4d3992d5dcb6addec5060ae)owing $2.3 million, and just a week before, sneaker company [Sneakerboy also folded with $17.2 million owed](https://www.news.com.au/finance/work/at-work/its-cooked-sneakerboy-workers-reveal-signs-collapse-was-imminent/news-story/5a315684f8975460b40cd29c8b3d0226) to more than 100 creditors. EziBuy is one of many to be added to a growing list of retailers struggling to turn a profit in a post-Covid world. For instance, the fashion conglomerate has enjoyed a 23 per cent upligft in revenue for its online sales arm, and is up a total of 68 per cent since the Covid-19 pandemic started. EziBuy was a subsidiary of Mosaic Brands, which in a market update warned that the outfit had been placed into the care of administrators.
Owner of Millers, Katies appoints administrators to EziBuy (Business News Australia)
What began as a $1 turnaround punt on a "little unloved" company in 2019 was transformed into an earnings-generating e-commerce play for Mosaic Brands (ASX: ...
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EziBuy placed in administration by Mosiac Brands - Power Retail (Power Retail)
Mosaic Brands has announced that EziBuy has been placed in administration. EziBuy is a New Zealand based multichannel clothing and home goods retailer founded ...
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