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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Shocking Dairy Footage: MPI Failing Our Animals And Damaging Our Reputation

Greens “Nathan Guy needs to urgently look into how his ministry is enforcing animal welfare standards, how these appalling incidents happened under its watch and what it’s going to do prevent similar incidents happening again in the future." More>>


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news