After being placed into voluntary administration in February menswear company, Meccano, has started winding down the business after failing to find a buyer.
KordaMentha partners Grant Graham and Neale Jackson were appointed voluntary administrators by Meccano’s board earlier this year. According to Jackson, after failing to find a buyer for the chain, the group has begun winding down operations.
Administrators have said current stock will be discounted by 40-70 percent effective immediately in the lead up to the closing of the chains seven stores that remain.
Meccano was purchased by Ruby’s parent company De Vere Investments in April last year. De Vere managing director Vere Sharma described Meccano as “a very strong brand” that fit with De Vere’s existing Ruby stores and offered scaleability.
The chain had 15 stores across New Zealand at the time of sale, and now has 7. It has around 60 staff.