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

 

Storm CEO buys women's clothing chain from Hallenstein

Storm CEO Deborah Caldwell buys women's clothing chain from Hallenstein

By Jonathan Underhill

March 16 (BusinessDesk) - Deborah Caldwell, the chief executive of the Storm clothing chain, has bought the business from Hallenstein Glasson Holdings for an undisclosed amount.

Retailer Hallenstein said in a statement it has agreed to sell Storm to Blackstar Holdings, which lists Caldwell as the shareholder. Caldwell has run Storm since August 2005 and previously worked for JK Kids and Max Fashions.

"The Storm business is no longer considered a strategic core asset of the group as it is focusing its efforts on expanding its other two much larger fashion brands, namely Glassons and Hallenstein Brothers, in both the New Zealand and Australian markets," Hallenstein chief executive Mark Goddard said in a statement. "The value of the transaction is not material in terms of the assets or profit of the group."

Storm had assets of about $1.2 million and current liabilities of $487,000, according to its 2017 annual report. Sales fell 11 percent to $8.3 million last year and the business recorded a net loss of $313,000 compared with a profit of $868,000 a year earlier. Storm has 10 stores selling women's clothing, according to its website.

In Hallenstein's 2017 annual report, chair Warren Bell said Storm's sales "struggled to maintain momentum during the year due to tough trading in a highly competitive segment of the market. This has not been helped by major infrastructure works around three key Auckland stores which has had a material impact on trade."

"A review of the brand was carried out towards the end of the year and the decision made to close the Storm store in Australia to focus on the brand in New Zealand, this has seen trading improve," he said. "Christchurch CBD store opened this year replacing the Christchurch Container Store and a new store was opened in Queenstown. There were also one-off costs associated with the closure of Storm Australia."

Its shares fell 4.2 percent to $4.60 and have gained 37 percent in the past 12 months while the S&P/NZX 50 Index rose 19 percent.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Land Report: Issues With Soil Degradation

An environmental report released today has found we are damaging and losing our soils and our native plants and animals. More>>

ALSO:

Water Quality Report: Cause For Optimism

National River Water Quality Trends released by Land, Air, Water Aotearoa (LAWA) this week, reveal that for all river water quality parameters monitored over a 10 year period, more sites were improving than deteriorating. More>>

ALSO:

IMF Report On NZ: Positive Economic Outlook

Minister of Finance Grant Robertson has welcomed the IMF’s Concluding Statement, released following its annual visit, which provides an independent assessment of the strength of the New Zealand economy. More>>

ALSO:

Retail Power Price: Review Panel Named

The Energy and Resources Minister Megan Woods has released the details of who will sit on an expert advisory panel which is tasked with leading a review into the price of electricity in New Zealand. More>>

ALSO:


Increasingly Disruptive Threats: Govt Cyber Security Refresh

Broadcasting, Communications and Digital Media Minister Clare Curran today announced a comprehensive refresh of New Zealand’s approach to cyber security. More>>

ALSO:


Regional Growth: Action Plan To Modernise Taranaki’s Economy

The Provincial Growth Fund (PGF) will invest up to $20 million to help future-proof the Taranaki region by diversifying its economy, creating additional jobs and leveraging off the strong base the region has established through its oil, gas and agricultural ... More>>

ALSO:

Winding Down Irrigation: Funding Ends For Crown Irrigation Investment

The Government has begun winding down public funding for large-scale irrigation through Crown Irrigation Investments Limited (CIIL), in line with the Coalition Agreement and the Confidence & Supply Agreement. More>>

ALSO: