Katie's is shutting down and about 500 employees will lose their jobs.

In a sad turn of events, approximately 500 employees will soon be out of a job as Mosaic Brands, an Australian retailer, has made the difficult decision to close down all of its Katies stores. This not only affects the Katies brand, but also 80 other shops under the company's ownership.

The closures are set to take place in mid-January, with all 80 Katies stores being shut down, as well as an additional 80 stores from the Millers, Rivers, and Noni B brands. This means that a total of 160 stores will be impacted and around 480 employees will be affected. KPMG Australia, who are the Receivers and Managers of Mosaic Brands, released a statement today confirming the news.

The decision to close down these stores was not an easy one, and was made after a thorough review of Katies' performance as a brand and the overall store network. According to the statement, the specific stores that were chosen to close were unfortunately not generating enough profit, leading to the difficult decision to shut them down in January.

In the meantime, these stores will remain open during the Christmas period before finally closing their doors in January. The Receivers emphasized that this was a necessary step, but not one that was taken lightly. It was a tough call to make, but ultimately necessary for the company's future.

This is not the first time Mosaic Brands has faced financial struggles. Just last month, they entered voluntary administration, and a month after that, they announced the closure of five of their brands, including Rockmans, Autograph, Crossroads, W Lane, and BeMe. This resulted in the closure of 200 stores.

However, the recent store closures will not affect the voluntary administration process, according to the Receivers. The administration will continue as planned. Previously, administrators from FTI Consulting were appointed to oversee the process, including Vaughan Strawbridge, Kathryn Evans, Kate Warwick, and David McGrath.

It's always unfortunate to see businesses struggle and employees lose their jobs, but the hope is that this decision will ultimately benefit the company and allow it to come back stronger in the future. In the meantime, our thoughts go out to those affected by these closures.

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