Auckland menswear retailer Nicholas Jermyn has been placed into voluntary administration. The shirting specialist has been open for 10 years, and held 10 retail stores in Auckland, Wellington and Christchurch before it ran into financial trouble.
The appointment became effective on May 10. Nicholas Jermyn will continue trading from all but the Willis St, Wellington and Botany Downs, Auckland outlets of its stores, but has begun running deep discounts online. A notice on its website advises customers of the situation.
The first meeting of the company’s creditors was held last Thursday on May 19 in Auckland. PwC administrators David Bridgman and Lara Bennett then sought whether to appoint a creditors’ committee, and whether to replace the administrators.
Bridgman told the NZ Herald last week that the business had more than 100 creditors, but would not reveal how much they were owed. He then said it was too early to say if the business could trade its way out of trouble.
In an email to customers, Nicholas Jermyn founder Nick Harris explained the situation:
Please be assured that we remain open for business. While the Willis Street store in Wellington and Botany Town Centre store will be closing all of our other stores remain open, so too our online shopping channel. Our high levels of service and commitment to quality remain resolute.
This was a difficult decision but one which presents us with the best opportunity to recover from a sustained period of challenging trading. The challenges were due to the growth in international online purchasing from New Zealand and our inability to successfully negotiate lease exits for a small number of our least successful stores.
Our staff have been fully briefed. Like us they are determined to roll up their sleeves, focus on our customers and in doing so position us for future success.
We would certainly appreciate your ongoing support which will be critical in helping us live to see another day.