MELBOURNE: High Street footwear brands Midas and Mollini have been spared from the chopping block.
The two mid-market brands have been acquired by Melbourne-headquartered Cinori Shoes, after their parent company Figgins Holdings was placed into voluntary liquidation last week.
In an email sent to Midas customers yesterday, Cinori assured it is “dedicated to keeping the Midas brand in tact”. The new owners revealed the Midas online store will be back in operation from Monday March 1, 2010.
In addition to Midas and Mollini, Figgins Holdings also owned the Scooter and Emporio shoe labels.
The company's voluntary liquidation comes after earlier attempts to restructure the business, including the closure of its 43 Shoobiz retail stores and the rebranding of its Evelyn Miles stores to operate under the Midas name.
The Figgins Holdings liquidation is being managed by G S Andrews and Associates and a meeting of Figgins Holdings creditors is scheduled for March 4, 2010.
For more on this story, pick up a copy of the March 12 edition of Ragtrader magazine.