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

 

Banks Shoes chain latest retailer to call in receiver

Banks Shoes chain becomes latest retailer to call in receivers

By Paul McBeth

May 26 (BusinessDesk) - Banks Group, which runs 14 stores across the country under the brands including Banks Shoes and Shoe Connection, has been tipped into receivership at the request of director John Bank.

PwC's John Fisk and David Bridgman were appointed receivers today and will work with management to figure out the company's position and whether the business can be sold as a whole or in part, they said in a statement. That could involve closing some of the 14 stores in Auckland, Wellington and Christchurch, employing 170 staff.

The company's level of debt hasn't been determined yet.

The shoe retailer started life in 1938 with a Banks Shoes store in Lower Hutt, expanding its footprint through the Wellington region through the latter half of the 20th century before branching out to Christchurch in 2001 and Auckland in 2013.

Banks Group is the latest retailer to call in external administrators as long-standing firms operating traditional 'bricks and mortar' stores get undercut by online rivals without the overheads of a physical network.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Quake Insurance: Reforms To EQC Act Announced

· Increasing the monetary cap from $100,000 (plus GST) to $150,000 (plus GST) for EQC building cover.
· Clarifying EQC land cover is for natural disaster damage that directly affects the insured residence or access to it... More>>

ALSO:

Reserve Bank: Official Cash Rate Unchanged At 1.75 Percent

Global economic growth has increased and become more broad-based. However, major challenges remain with on-going surplus capacity and extensive political uncertainty... More>>

Kaikōura Earthquake: Private Insurers Receive $1.8b Claims

Insurance Council Chief Executive Tim Grafton said most is for commercial loss at $1.36 billion, with residential claims amounting to over $460 million. “...We have a high level of confidence that most people will have received settlement offers by the end of this year." More>>

ALSO:

Forms And Data: New Proposals To Simplify Personal Income Tax

The Government is proposing to make tax simpler for individuals, with people whose only income is from a salary, wages or investments no longer being required to file tax returns to receive tax refunds or to calculate any additional tax. More>>

OECD: NZ Economic Expansion Faces Long Term Challenges

The OECD Economic Survey of New Zealand discusses the gap between the strong short-term outlook and long-term challenges posed by low productivity growth and a changing labour market. More>>

ALSO:

GDP: