This isn’t Jean Jones’ first time around the block. Founded in 1969, the company first went into liquidation in 2009 by then-owner Michael Ward. The National Business Review reports that a hint of scandal emerged in 2010 when the Serious Fraud Office investigated and convicted its new directors for fraud.
Jean Jones is now owned by holding company Cozican Investments Ltd. Its directors are Papakura-based Georgina and Keri Condon, who purchased Jean Jones out of receivership in 2010. They individually make up two of the four shareholdings, and with other individuals, are involved with the remaining two.
The liquidators appointed are Amanda-Jane Atkins and Rowan Chapman of Chapman Atkins Ltd. Atkins told the NBR that Jean Jones seems to have failed because of tough trading conditions over the past summer and winter seasons. She said there was no indication of any wrongdoing on the part of the Condons.
It is too soon to say whether creditors and staff will be paid, she said to the NBR, but total debt to banks, unsecured creditors, employees and Inland Revenue will top $1.4 million.
The company’s website was listed as “down for maintenance” this afternoon. Six stores remain open, manned by around 20 staff.