Kikki K closes its New Zealand Shops | NZ Market Update

  • Jun 24, 2020 NZST
  • Team Kalkine

The Reserve Bank has confirmed the official cash rate will stay at 0.25 per cent, at its regular six-weekly review. The bank said it had also agreed to continue with its quantitative easing programme, within its current cap of $60 billion, to "keep interest rates low for the foreseeable future". But it scope to increasing that cap and adopting other supplementary measures to "provide additional stimulus as necessary".

Travel technology company Serko saw its bookings and revenue dwindle radically post borders shut due to the coronavirus restrictions. However, the company says bookings are beginning to return, and it is in a satisfactory cashflow condition to ride out the coming months. Serko, whose software helps companies manage their travel bookings and expenses, has posted an annual loss of $9.4 million for the year to March 31, compared to a profit of $1.6m last year.

Troubled stationery retailer Kikki K has closed its seven shops in New Zealand. The Australian global chain was put into receivership in March after weak sales in December and January. Australian receiver Barry Wight, from Cor Cordis, said at the time that the shops would remain open while the company's financial position was assessed. But a month later the Kikki K was put into liquidation. However, Australia-based Kikki K had a strong brand and a global following with sales of nearly A$70 million (NZ$72m) a year. As per their website, Kikki K has 64 shops in Australia, the United Kingdom and Singapore.

#Kikki #Travel #ReserveBank #Kalkine


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