New Zealand menswear company Meccano was founded in Hamilton during 1993, but in its 25th year, the retailer has been placed into voluntary administration.
KordaMentha partners Grant Graham and Neale Jackson were today appointed voluntary administrators by Meccano’s board. Jackson says all stores would remain open and on sale mode during the administration at this stage.
“Having just been appointed, we are seeking urgent expressions of interest for the business assets and working closely with the management team to quickly establish a way forward for the business,” Jackson says.
Meccano was purchased by Ruby’s parent company De Vere Investments in April last year. De Vere managing director Vere Sharma described Meccano as “a very strong brand” that fit with De Vere’s existing Ruby stores and offered scaleability.
In quotes supplied by De Vere, founders Dai and Cheryl Endicott-Davies then said the two companies had a long-running supplier relationship and that they believed Meccano was in safe hands.
The chain had 15 stores across New Zealand at the time of sale, and now has 12. It has around 60 staff.
Sharma says at the time of purchase, he was determined to turn the brand around, but despite an enormous amount of effort from hard working staff, Meccano was unable to adapt fast enough to what has been “a trying time for many mall-based retailers.”
All 12 of Meccano’s stores are in shopping centres. Sharma says the decision to go into voluntary administration was not made lightly.
“I’m committed to the clothing industry, and have been for 30 years,” he says. “My other business dealings are in no way affected by this.”
Meccano stores are located in:
- Westfield Albany
- Westfield Manukau
- Northwest Shopping Centre
- St Lukes Shopping Centre
- LynnMall Shopping Centre
- Centre Place Shopping Centre (where Meccano’s first store opened in 1993)
- Te Awa Shopping Centre
- Bayfair Shopping Centre
- Northlands Shopping Centre
- The Palms Shopping Centre
- Westfield Riccarton
- Meridian Mall