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.
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.
The receivers are yet to determine the full extent of Banks Group’s debt.
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.
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.
Banks Group employs around 170 staff.
Banks Group stores
Fashion-forward, European labels.
Boutique-style shoe retail.
Mass-market shoe retail.
11 stores and one pop-up outlet.