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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>


Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>


Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>


Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>


Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>