Marcs, David Lawrence saved from administration

Australian fashion brands Marcs and David Lawrence have been handed a lifeline after Myer bought them out of administration.

The retailers announced they were in strife and heading into administration in February after falling into more than $30 million in debt, including $12 million owed to their owner and major creditor Malcolm Webster.

M Webster Holdings, which owns Marcs and David Lawrence, told staff about the deal today, but jobs are still likely to be lost across the board, reports Fairfax media.

Myer already stocks both brands in-store and said they are two of their most popular sellers.

Chief merchandise and customer officer Daniel Bracken told Fairfax they were excited to see what the future of the labels looked like, but it was too early to say how many of the 1000 jobs on the chopping block could be saved.

“We are also pleased that through this acquisition we hope to be able to secure the future employment of a number of the Marcs and David Lawrence people,” he said. ”

“However at this time it is too early to say how many team members will transition to Myer.”

A number of big Aussie brands have gone into administration over the past year with Payless Shoes, Pumpkin Patch and Laura Ashley all under the hammer.

Are you glad to see Marcs and David Lawrence saved? Why do you think Aussie retailers struggle so much?