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Eon Design receivership tip of the iceberg

Media release

November 28, 2008

Eon Design receivership tip of the iceberg

Accountancy firm Staples Rodway says Eon Design’s receivership this week is just the tip of the iceberg for the retail sector.

Blackbird Finance - a secured creditor, appointed Gareth Hoole and Kevin Pitfield, directors of Staples Rodway, receivers of Eon on Tuesday this week.

In addition, Staples Rodway has also been called in to act as liquidators of Garlands Furnishing Specialists of Remuera, a furniture shop that has operated in Remuera, Auckland for more than 50 years.

“The situation is definitely deteriorating. Retailers are struggling across the board and unfortunately many of them will not survive this downturn,” says Mr Hoole.

“Retailers of big ticket items such as designer furniture and niche products will be hardest hit as people hunker down and reduce spending on non-essential things.”

Mr Hoole says the owner of Eon Design, Angela Roper, has a good reputation as a designer and her store in Auckland stocks very high end New Zealand designed and New Zealand made homeware, jewellery, ceramics and custom-made furniture.

Eon Design’s receivership sale will continue through to Saturday, with most of the shop’s designer goods, reduced by at least 30 to 50 percent off retail.

Mr Hoole urged retailers to take a serious look at their financial structures to ensure future viability and to seek professional advice about ways to restructure their businesses before the situation worsened.

He also suggested that suppliers should review their terms of trade and avail themselves of the protective mechanisms afforded by the Personal Property Securities Act 1999, through registration of security interests on the Personal Property Securities Register.


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