Furniture chain, PK Furniture, has been bought out by a former employee after going into receivership this past May.
The chain has been purchased by Stephen Salmon, who was general manager of sales and marketing for PK Furniture for a year before its closing.
The chain went into receivership in May, owning $22 million and closing its 17 North Island stores.
Salmon, who is now the sole director for Highbury Group, has 42 years of retail experience, and plans to keep five out of the 17 stores and 50-60 of its 150 staff.
The rebrand is expected sometime this year, with the new business yet to have a trading name. Salmon hoped to open the five stores simultaneously in mid-September.
The rebrand will include a completely new line of stock while keeping on the low end of the price spectrum.
Salmon said he had faith in the company’s business model, but said the reason it had failed was because of a “distressed owner as opposed to being a distressed business”.
“I agree that the name is definitely tainted and I fully understand and appreciate that. We are going to create what I believe is a brand new entity and a brand new identity.”
The store locations that will remain are Manukau, Sylvia Park, Dominion Rd, Pukekohe and Hamilton.