Stores not transferred would either be converted to other Postie Plus brands or closed as leases expired, van Rij said. "The one-off charges may be significant yet are part of a cost reduction drive as our response to tightening market conditions and will have the advantage of improving our future performance," van Rij said.įollowing a strategic review, the company had entered into an agreement to sell the assets of the Arbuckles chain of manchester and homewares stores to retailer Jan Cameron.Ĭameron had agreed to acquire the entire Arbuckles stock and a number of the Arbuckles stores, with the final number yet to be determined. There would also be a pre-tax loss on the sale of Arbuckles assets in the order of $3.2m, mostly from goodwill. The July annual operating loss would include non-recurring abnormal net losses from restructuring of the group's distribution supply chain. With the slowdown in sales in the third quarter along with some margin loss, it was unlikely the company would make any significant improvement on the first half loss of $2.9m.Īs the fourth quarter was traditionally the strongest quarter for Postie Plus it would be unwise to provide guidance on the extent of the loss for the group, van Rij said. "The reason for the slowing of sales - higher costs for fuel, mortgages, and food impacting on households - are well documented," he said. That took sales for the nine months to the end of April to $95.3m, down 1.75% from $97m in the corresponding period a year earlier.Ĭhairman Peter van Rij said the retail trading environment had been below expectations this year. This includes its secured creditors, trade suppliers and other creditors, landlords, as well as the company’s more than 600 staff.Īdministrators also reiterated that patience is required from all company stakeholders 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”.Retailer Postie Plus Group is reporting a 7.5% fall in third quarter sales to $29.5 million. The administrators said they believe that this “going concern sale” of the Postie Plus business is in the best interests of the company’s stakeholders. ![]() In the meantime, the administrators intend to continue trading the business whilst they work through the sale process. Subject to this due diligence and finalisation of formal documentation, the sale is expected to be completed within the next four weeks. The intended purchaser is conducting due diligence over the next three weeks. The company has now confirmed that the administrators have clinched a conditional agreement to sell the assets and business of Postie Plus as a going concern to an international retail group. ![]() ![]() New Zealand fashion retailer Postie Plus has received an offer of salvation, following its collapse into administration.Īs previously reported on, Postie Plus appointed David Bridgman and Colin McCloy of PricewaterhouseCoopers as administrators of the company earlier this week.
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