New Zealand online retailer EziBuy has been placed in administration by owner Mosaic Brands.

Sydney-based firm Olvera Advisors has been appointed administrators.

“Mosaic intends to propose a restructure to the administrator that would see EziBuy emerge as a simplified, profitable, cash-generative online-only operation, and one that is more strongly aligned with the group’s successful digital strategies across its other brands,” Mosaic told investors this morning.

“This process to restructure EziBuy is in the best interests of the group’s shareholders as it will improve the Group’s overall net asset position and operating cashflow.”

Mosaic bought the online retailer for $11 million in 2019, after Woolworths paid $350 million for the business just six years earlier.

EziBuy saw its sales fall 51 per cent during the first half of FY23 – a performance that Mosiac said was “at odds” with the rest of its successful brand portfolio, which includes heavy-hitters such as Noni B, Crossroads, and Millers.