Ten Staxs clothing stores have been placed in receivership, meaning up to 35 people will lose their jobs.Kenneth Brown and Paul Manning of RHB Chartered Accountants Ltd were appointed receivers of Topsco International NZ Ltd yesterday. Topsco owns 10 Stax
Ten Staxs clothing stores have been placed in receivership, meaning up to 35 people will lose their jobs.
Kenneth Brown and Paul Manning of RHB Chartered Accountants Ltd were appointed receivers of Topsco International NZ Ltd yesterday. Topsco owns 10 Staxs stores. There are another 11 Staxs stores in New Zealand which are not owned by Topsco and are not affected by the receivership.
The stores affected by the receivership are at Bayfair, Botany, Dunedin, Glenfield, Hornby, Lynmall. Nelson, Newmarket, Onehunga and Taupo.
The Bayfair, Lynmall, Botany, Taupo, Glenfield and Newmarket stores were closed yesterday. Sales are being held at the Onehunga, Nelson and Hornby stores prior to their closure. The Dunedin store is staying open as receivers are hopeful it can be sold.
Mr Brown said between 30 and 35 staff were affected by the receivership and 25 worked in the stores already closed.
He said it was too early to estimate a shortfall to creditors.
Staxs is a New Zealand-owned fashion label based in Tauranga. Its collections are described as European inspired.
