Mercantile NZ Ltd.’s takeover bid of Kirkcaldie & Stains lapsed last week after shareholders were urged to not sell their holdings by the board of the company. The company is to be dissolved over the course of 2017.
Kirkcaldie & Stains’ board has asked shareholders to rebuff 78-year-old investment veteran Sir Ron Brierley’s increased bid for the remains of the former retailer. It says Brierley’s offer is too low to recommend to shareholders and a liquidation would be more rewarding.
When Wellington department store Kirkcaldie & Stains shuts its brass-handle doors tomorrow, it'll be the end of an era. The store has been an icon in the capital for 152 years. We look at the many stages of its history.
David Jones will replace listed Wellington heritage department store Kirkcaldie & Stains in January 2016, and ahead of the changeover, Kirkcaldie’s has posted its final full-year result. The loss it has reported is significant but the company is going out on a slighter better note than its 2014 result.
Pepkor has struck a deal to bring UK department store chain, Debenhams, to the southern hemisphere in Australia in 2016. The deal could ultimately see the company further expanding into New Zealand in the future, creating competition for the likes of Farmers and Smith & Caughey’s.