Max Fashions to shut 17 Stores in New Zealand | NZ Market Update

  • Jun 09, 2020 NZST
  • Team Kalkine

Prime Minister Jacinda Ardern expressed her resentment for the Warehouse Group for proposing to cut up to 1080 jobs. The Prime Minister said the Kiwi retailer had traded on an image of being "for the community", yet was proposing to cut jobs. The Warehouse Group, includes Torpedo 7 and Noel Leeming stores, and had taken $68 million in wage subsidy payments offered by the Government. In a statement to the NZX,

The women's clothing chain Max Fashions is to shut 17 stores, with a number of staff facing redundancy. The fashion firm did not confirm how many jobs would be lost, but said the decision was devastating. Managing director James Whiting said it had asked landlords for a formal creditor's compromise, in order to keep its remaining stores open. He said not being able to trade for seven weeks had taken a considerable toll on business, and forecast trading did not look promising. Twenty-five stores would remain open under the proposal.

Infratil wants to raise up to $300 million of new equity to help advance the growth plans within its existing portfolio and to allow it to snap up any opportunities that may crop up through the recession. The infrastructure investment firm will sell $250 million of new shares to institutional investors in a placement and another $50 million to existing investors via a share purchase plan at $4.76 a share. That's an 8 per cent discount to the $5.175 price the stock closed at yesterday.

#Fashion #Warehouse #jobloss #kalkine

 


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