The family-owned Banks Group company, which operates as Shoe Connection, SNKR, Banks Shoes and Plimmer Shoes, has appointed receivers with the intention of selling the business as a going concern. It has not ruled out store closures.rn
The family-owned Banks Group company, which operates as Shoe Connection, SNKR, Banks Shoes and Plimmer Shoes, has appointed receivers with the intention of selling the business as a going concern. It has not ruled out store closures.
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John Fisk and David Bridgman, partners from PwC, were appointed receivers to Banks Group Limited on Friday. According to a media release from PwC, they will work with the group’s management to assess its current position, and to determine the best way forward with a view to achieving a sale. The business could be sold as a going concern either in whole or in part, and may involve some store closures.
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The receivers are yet to determine the full extent of Banks Group’s debt.
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Banks Group was founded in 1938 by Cecil Bank, who opened the first Banks Shoes store on Lower Hutt’s High St and focused on selling fashion-forward footwear and European labels. Banks Shoes was one of the first companies in New Zealand to import the Adidas brand from Germany.
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The company expanded from Wellington into Christchurch in 2002, and entered Auckland in 2013. It also has stores in Hamilton and Palmerston North, plus an ecommerce arm. It opened a new Shoe Connection outlet at Auckland’s NorthWest Shopping Centre and relocated its Sylvia Park store to a bigger site as recently as 2016. Fairfax NZ reports that the NorthWest outlet and a Newmarket store have already closed.
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Banks Group employs around 170 staff.
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rnrnImage: SNKR
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Banks Group stores
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Shoe Connection rnttt |
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SNKR rnttt |
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Plimmer Shoes rnttt |
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Banks Shoes rnttt |
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Fashion-forward, European labels. rnttt |
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Sneaker specialist. rnttt |
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Boutique-style shoe retail. rnttt |
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Mass-market shoe retail. rnttt |
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11 stores and one pop-up outlet. rnttt |
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Four stores. rnttt |
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Single store. rnttt |
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Two stores. rnttt |
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