Myer has bought clothing brands Marcs and David Lawrence for an undisclosed sum, two months after said brands went into administration.
But even after the deal, 36 stand-alone stores will be closed down across Adelaide, Brisbane, Canberra and Perth with 130 jobs going.
Myer’s acquisition only included the brands and current inventory as opposed to the whole business, meaning that it will retain the ability to sell Marcs and David Lawrence products in its stores.
Myer deputy chief Daniel Bracken said the two labels were some of the “most productive and sought-after brands” on the sales floor.
“We were faced with losing these brands that are extremely productive in our portfolio,” Bracken told Fairfax. “We had been watching the situation hoping the business would be acquired [but] in the last week-and-a-half we realised that was unlikely – it appears they could not find a buyer, and it was heading down the track of a potential wind up.”
Myer is still working with the administrator to discuss the future of the two labels.