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

 

Norsewear confirms details of sales

Media Statement

For immediate release                                                                      

5 October 2007                                                
Norsewear confirms details of sales


Norsewear today confirmed that the Norsewear brand has been sold to New Zealand clothing company Apparel Brands which has confirmed it will continue to make its world famous socks in New Zealand.

Norsewear also confirmed that its chain of six retail shops has been purchased in a management buy-out.  This sale includes the original Norsewear store in Norsewood.

A company spokesperson said intensive work was continuing on the future of the manufacturing plant in Wanganui and the factory in Norsewood.

“These are complex negotiations and it is likely to be some time before final decisions are made,” he said.

“We appreciate our staff have concerns about the future of their employment.  It is still likely there will be some redundancies and Norsewear wishes to assure all staff that they will receive all their entitlements in full.”

“The staff will be the first to know of the final decisions and how these may affect their jobs.  We will be communicating with our staff as soon as we can.  At this stage, that may be early next week.  Norsewear will be making no further public comment until that time,” he said.

Norsewear has manufactured high quality woollen garments, particularly socks, in New Zealand for more than 40 years. 

 

Ends

 

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 




Barfoot & Thompson: Auckland Rental Prices Inch Up Again, But Upward Trend Could Ease In Coming Months

Data from nearly 16,000 rental properties managed by real estate agency Barfoot & Thompson shows Auckland’s average weekly rent rose by $6.12 (or 1 percent) during the second quarter... More>>

ComCom: Draft Report Says Regulatory System Favours Established Building Products
The Commerce Commission’s draft report into competition in the residential building supplies industry has identified two main factors negatively impacting competition... More>>

Statistics: Annual Wage Inflation Rises To 3.4 Percent
Wage inflation, measured by the labour cost index (LCI), was 3.4 percent in the year ended June 2022, while average ordinary time hourly earnings rose 6.4 percent, Stats NZ said today... More>>

ALSO:



Heartland: Retirees Facing Pressure From Higher Cost Of Living And Increasing Debt In Retirement

Heartland has seen a significant increase in Reverse Mortgages being used to repay debt. Among the most affected by the increasing living costs are retirees, many of whom are trying to get by on NZ Super alone... More>>


APEC: Region’s Growth To Slow Amid Uncertainties And Crises
Economic growth in the APEC region is expected to slow this year amid soaring inflation, a protracted war in Ukraine and heightened uncertainties, on top of the continuing impact of the pandemic and virus mutations that are draining resources, according to a new report by the APEC Policy Support Unit... More>>


Financial Markets Authority: Survey Sheds Light On New Zealanders’ Experiences With Financial Sector
Most New Zealanders are confident in their ability to make financial decisions, but only one-fifth say they are in a secure financial position... More>>