Ron Boskell, chief executive officer of Postie Plus, is to leave the New Zealand clothing retailer in January. Japanese retailer Fast Retailing has no intention of slowing the expansion of its Uniqlo casual clothing brand in China, despite… NEW ZEALAND: Postie Plus CEO Boskell to stand down NEW ZEALAND: Postie Plus swings to full-year loss New Zealand-based clothing retailer Postie Plus has revealed a decline in first-quarter sales, which it blames on delays in getting… NEW ZEALAND: Postie Plus appoints new CFOĬlothing chain Postie Plus has appointed Peter Nouwens as its new chief financial officer. Discover all the very latest Postie Plus Group Limited apparel business news, analysis, comment and interviews from the industry experts at just-style.
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New Zealand retailer Postie Plus Group has said it expects to post a full year loss as its third quarter… NEW ZEALAND: Distribution delays impact Postie Plus trading Betts have been in the industry for over 125 years, and have recently expanded their operation to include the sale of shoes online. The head office is located at Level 2, 428 Scarborough Beach Rd, Osborne Park, Western Australia. Troubled New Zealand clothing retailer Postie Plus has been sold to Roan Ltd, a wholly owned subsidiary of South African… NEW ZEALAND: Administrators find buyer for Postie PlusĪn international buyer has been found for Postie Plus, after ongoing losses and lack of new capital forced the troubled… NEW ZEALAND: Postie Plus Group forecasts full-year loss Betts Group Pty Ltd (formerly Breckler Brothers and Cecil Bros Pty Ltd) is an Australian footwear retailer based in Perth.
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The Administrators recognise that this is a difficult and uncertain period for all stakeholders and appreciate their patience whilst they work with the prospective purchaser to satisfy the conditions so that the sale of the Postie Plus business can proceed in an orderly manner.NEW ZEALAND: Postie Plus sold to South African group Pepkor Shop online for womens clothing, kids and babywear, mens fashion and more.
The Administrators believe that this “going concern sale” of the Postie Plus business is in the best interests of the Company’s stakeholders, including its secured creditors, trade suppliers and other creditors, landlords as well as the Company’s more than 600 staff. In the meantime, the Administrators, with the support of the Company’s management and staff, intend to continue trading the business whilst they work through the sale process. The intended purchaser is conducting due diligence over the next three weeks and subject to this due diligence and finalisation of formal documentation, the sale is expected to be completed within the next four weeks. Postie Plus Group Limited (Administrators Appointed)Ĭonditional agreement to sell the assets and business of the Companyĭavid Bridgman and Colin McCloy, as the Administrators of Postie Plus Group Limited (Administrators Appointed) are pleased to announce a conditional agreement to sell the assets and business of the Company as a going concern to an international retail group. In its interim results release Postie Plus said its board was satisfied arrangements in place with BNZ were sufficient to meet forecast funding requirements up to July 30. “We are pleased to hear that they have voluntarily relinquished administration of the business and we have been informed by the administrator that there are a number of credible and interested parties," Gay added. The last few years have been hard on the Postie Plus Group, and they have struggled to deal with serious supply chain issues.” "Existing employees have been told that they will remain in their current roles and will continue to work agreed hours unless otherwise advised," Maxine Gay, retail secretary at First Union said. Facebook gives people the power to share and makes the. As a result of this, the borrowings have been reclassified as a current liability as at 4th August 2013," the annual report said.įirst Union, which represents retail workers, said it was saddened but not surprised by new Postie Plus was going into voluntary administration. The company was formerly known as Postie Plus Group Limited and changed its name to Retva Limited in July 2014. Join Facebook to connect with Karen Stokes and others you may know. "The bank will not provide a waiver in respect of these breaches and while the bank does not propose any immediate action under the breaches it continues to reserve all rights and remedies in this regard. Last year's annual report noted as of AugPostie Plus was in breach of its financial covenants - stock and debtors coverage ratio and equity ratio - with BNZ.
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