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. 

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