Burger King to shut all the loss making outlets permanently in New Zealand? | Market Update

  • May 12, 2020 NZST
  • Team Kalkine

Electricity distributors WEL Networks and Waipa Networks have agreed to sell their shares in Hamilton-based UFF Holdings, the holding company for Ultrafast Fibre (UFF). First State Investments (FSI) has agreed to purchase WEL’s 85 percent majority shareholding and Waipa’s 15 per cent shareholding for $854 million of which a consideration of $200 million payable to WEL is deferred for 18 months from completion.

National retailer Bunnings is proposing to close stores in Ashburton, Hornby, Hastings, Cambridge, Rangiora, Te Awamutu, and Putaruru with 145 staff affected. The Australian-headquartered business today issued a statement which says following a network review and "the challenges of the recent trading environment", it has told staff of its proposal to close the stores.

Burger King's receivers are proposing five loss-making outlets be shut permanently as they prepare the business for sale. And, according to the creditors' compromise proposal, suppliers and landlords will get more money if the business is sold for more than $30 million. The burger chain's New Zealand franchise was bought by private equity firm Blackstone for $107 million back in 2011 through holding company Tango New Zealand.

#burgerkings #sellout #joblosstrauma


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