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Postie Plus Group Limited (Administrators Appointed)

18 June 2014

Postie Plus Group Limited (Administrators Appointed)

David Bridgman and Colin McCloy, as the Administrators of Postie Plus Group Limited (Administrators Appointed) announced today the Company’s decision to close 12 Postie Plus stores, affecting 64 Postie Plus staff.

Prior to the appointment of the Administrators, Postie Plus management had identified a number of stores that were for various reasons no longer considered viable. Those findings were discussed with the Administrators and as a result, the following stores will close:

Birkenhead, Bishopdale Mens, Bishopdale Womens and Kids, Dannevirke, Gore, Mt Roskill, Papatoetoe, Rangiora Kids, St Lukes, Sydenham, Te Kuiti and Westgate.

The 12 stores will continue to trade in the interim until the final closure dates in the first week of July 2014. The remaining 70 stores will continue trading.

Administrator Colin McCloy says, “Due to the on-going needs of the wider business operations, the difficult decision has been made, in conjunction with management, to close a number of stores. All staff at these locations have been informed. We recognise that this is a difficult period for all concerned, and wish to thank staff for their professionalism and commitment, and customers and the local communities for their loyalty and support.”

The process of ‘voluntary administration’ is a relatively new business rehabilitation scheme that was introduced into New Zealand company law on 1 November 2007. Administration is intended to be a relatively short-term measure that freezes the company’s financial position while the administrator and the creditors work on the next steps.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.

ENDS

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