Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Renaissance signals end of line with deal to sell stores

Renaissance signals end of line with agreement to sell Yoobee stores

March 5 (BusinessDesk) - Renaissance Corp agreed to sell its Yoobee Apple computer stores, the last remaining business for the NZX-listed company after the sale of its design school.

Logical Systems Ltd, an Apple reseller and systems integrator based in Auckland, will take over five Yoobee stores, pay $900,000 for inventory less than 60 days old, sell older inventory worth about $250,000 on behalf of Renaissance and pay a nominal $1 for assets, fixtures and fittings, Renaissance said in a statement.

It will retain about 42 existing workers. Renaissance will be responsible for collecting debts of about $100,000. The sale is expected to be effective as of tomorrow.

Shareholders of Renaissance voted in January to sell the Yoobee School of Design to Academic Colleges Group for a net $13.3 million, with a potential earn-out of up to $1 million based on 2014 earnings.

The proceeds are being used to repay debt, leaving cash reserves of about $7 million, most of which is being held for return to investors on completion of the sale of the retailing business.

The company said last October that the retail stores weren’t viable and that with the design school sold, it would need to seek further funds to keep the remaining business operating. Chairman Colin Giffney said at the time that 2013 had been “a terrible year.”

Renaissance shares last traded at 14 cents, valuing the company at $6.1 million. They have shed a third of their value in the past 12 months.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wood Producers: Crisis In New Zealand Log Supply

New Zealand wood processing leaders held a hui with senior government officials and political leaders in Whangarei yesterday to assess the acute log supply shortage to local mills in Northland. More>>

Consents And Taxes: Trustpower 'Very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news