Insight from inside the walls of New Zealand’s remaining department stores.
The Auckland based tonic and mixer company blames significantly higher costs for downfall.
The decision will save about half of the iconic department store’s 200-plus jobs.
Financial statements for the private equity subsidiary show the amount spent in acquiring the Christchurch-based pet food group.
The appointment follows the Auckland-based tonic and mixer company suspending trading in London earlier this year.
The iconic retailer has reached a fork in the road as staff consultation continues.
Staff at the retail group are said to be preparing for company-wide job losses.
The sale brings New Zealand brands Church Road, Stoneleigh, and Brancott Estate together with Mud House.
The Kiwi pet food business has also gained a prominent ex-Movac partner as a director.
Kea Outdoors recently closed its first equity raise to fuel growth in a ‘neglected’ category.