Friday 9th March 2018 |
Text too small? |
The administrators of Meccano 2016, which went into voluntary administration in February, said they had been unable to secure a buyer for the business and they will now wind down the menswear business.
"We now move to the next phase of administration, which is to sell down all stock through the current store network," said administrator Neale Jackson from KordaMentha
All stock, including new season styles, is discounted by between 40 percent and 70 percent for sale. Jackson said that seven stores remain open, four in Auckland, two in Hamiton and one in Christchurch.
In a press release in February announcing the voluntary administration, Meccano 2016 director Vere Sharma said "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."
Meccano joins a line of retailers struggling to make a traditional bricks-and-mortar model work when online rivals avoid the overhead of a high street site and are accused of skirting customs duties that traditional vendors face.
(BusinessDesk)
No comments yet
GTK - Half-Year Results Announcement Date
Government ends war on farming
Sky and BBC Studios renew expanded, multi-year agreement
AOF - Q1 Improved Trading Performance & FY24 Guidance Maintained
Devon Funds Morning Note - 23 April 2024
April 23rd Morning Report
RYM - Group CEO Update
BGI - Director Michael Chai
RAD - Final Dividend and Strong FY24 Operating Performance
RYM - Group CEO Update