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

 

Scoop Business: NZ Wool Exports Jump To The Highest In More Than A Decade

New Zealand wool exports jumped to their highest level in more than a decade in June, aided by a lower currency and strong demand from China, the nation’s largest market. More>>

ALSO:

Surreal Estate: Home Values Rise At Fastest Rate In Seven Years

The latest monthly QV House Price Index shows that nationwide residential property values for July have increased 10.1% over the past year which is the fastest annual rate since 2007... The Auckland market has increased 18.8% year on year. More>>

ALSO:

New Employment Laws: Talley’s AFFCO Workers To Strike

The decision comes after the Talley’s owned company walked away from mediation last week and applied to end bargaining under the government’s new employment laws - the first such application since the law came into effect. More>>

ALSO:

Private Action: Employer Pleads Guilty Over Forestry Death

The CTU has always known that the death of forestry worker Charles Finlay was due to the poor health and safety practices of his employer... "The CTU, with the support of Charles’s family, needed to take this ground breaking private prosecution." More>>

ICT Innovation: Six NZ Finalists In World Summit Awards

The awards are a global showcase of 40 projects, across eight categories, with a special emphasis on those which show the benefits of information and communication technology for the development of communities. New Zealand has finalists in six of the eight categories. More>>

ALSO:

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news