Australian fashion group Mosaic Brands owes around $249 million to various entities, according to documents tabled to ASIC and obtained by Ragtrader.
It comes weeks after the brand fell into voluntary administration, with FTI Consulting’s Vaughan Strawbridge, Kate Warwick, David McGrath, and Kathryn Evans being the appointed voluntary administrators.
Meanwhile, KPMG’s David Hardy, Gayle Dickerson, Ryan Eagle and Amanda Coneyworth are the appointed receivers and managers.
The documents - which cover the first creditors' meeting - confirmed that Mosaic Brands Limited owes around $249 million across 171 creditors. The administrators have yet to table their final report, which could see these numbers change.
It is unclear exactly how much is owed across each of Mosaic's 12 subsidiaries, with some creditors listing the same owed amount across all of them.
Alongside this, over 300 employees are also owed, with the total value here withheld. All staff were employed under Noni B Holdings Pty Ltd, with this subsidiary having a debt value of $68.4 million - mostly attributable to other key creditors in the mix.
The top creditor claims they are owed $36.5 million, with the second-highest creditor reportedly owed $22.2 million. Both of these are reporting the same amount across Mosaic Brands Limited and its 12 subsidiaries.
Two other business entities also featured the name Noni B, both having a debt value of around $58 million each.
The other entities, including Millers, Rivers, Autograph, Crossroads, Katies, W. Lane, EziBuy, and two Pretty Girl Fashion Group businesses - likely to be Rockmans and BeMe - all owe around $60 million each.
Mosaic creditor list from report:
The documents also confirmed that the administrators are seeking buyers for the Mosaic entity, with more than a dozen interested parties in the mix. Final bids are expected to be tabled in early December.
"This doesn’t mean the sale ends then," the report confirmed. "The key being to maintain competitive tension during the process to ensure a purchaser takes on as much of the business going forward to achieve the best outcome for employees.
“To the extent employees will not have continuing employment, KPMG have indicated they expect to be able to satisfy employee entitlements in full.
“In relation to the store closure program which is being considered, the Administrators are aware that KPMG is working on re-deployment opportunities for affected staff to ensure continuity of employment of as many staff as possible.
“The key goal is to achieve a successful sales process, as a liquidation or shutdown of the companies would not be in the best interests of creditors.”
At the time of going into administration, Mosaic Brands operated a footprint of around 700 stores, and 10 owned online platforms.
The latest news follows a recent article by the ABC, reporting that Mosaic Brands' decision to enter voluntary administration late last month has "triggered a ripple effect across Bangladesh's garment sector, threatening the livelihoods of thousands of workers in 23 factories reportedly owed more than $30 million."