Australian department store chain Myer has acquired troubled labels Marcs and David Lawrence. The businesses, owned by a Sydney-based company trading in New Zealand as M. Webster Holdings, were placed into voluntary administration on February 2.
Administrator Rodgers Reidy confirmed in March that both Marcs and David Lawrence’s 10 New Zealand stores were to close permanently. The closure affected 11 full-time staff, 22 part-timers and 11 casual workers.
On April 13, Myer announced it had secured the two Australian brands. The acquisition includes the brand names, intellectual property and inventory of Marcs and David Lawrence, but does not include staff obligations or leases.
Besides the 52 standalone stores and 11 outlets the labels operated prior to being placed in administration, Marcs and David Jones had more than 140 concession stores operating across Australia and New Zealand. Of these, 67 are in Myer.
Myer's chief merchandise and customer officer Daniel Bracken told The Australian Financial Review that the brands were very successful at Myer, and acquiring them were in Myer’s interest.
"We have a good business with these brands and we wanted to find a way to protect this business. It buys us time to find out what is the future of these brands in Myer,” he told the AFR.