Less than two weeks after going into voluntary administration, the company behind New Zealand fast fashion labels Valleygirl and Temt has closed 30 of its 31 stores across New Zealand.
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.
After 15 years in business, New Zealand-based streetwear label Federation Clothing has been put into liquidation and is up for sale. It was placed into liquidation as a result of its rising unsustainable debt, which has surpassed $1 million.
Apparently, bad things happen in threes. Iconic New Zealand women’s clothing retailer Jean Jones joined high-end womenswear chain Identity and midmarket chain Shanton Fashions in financial strife when it was put into liquidation by shareholder vote on July 31.
After more than six months of trouble and uncertainty, a mystery buyer has scooped up womenswear chain Shanton Fashions. Liquidator Gareth Hoole declined to reveal the identity of the buyer, but confirmed that they were based in New Zealand. He told The Register that there would likely be publicity around a rebranding of Shanton, if the buyer chose to go down that path.