Retailer Colette by Colette Hayman shuts two NZ stores, others up for sale
Monday, 24 February 2020
Two New Zealand stores of the Australian handbag and accessories retailer Colette by Colette Hayman will shut, following the company's voluntary liquidation late last month.
Liquidators from Deloitte are restructuring the business and have decided to close 33 stores over the next three weeks, and put the remaining 105 outlets up for sale.
The two New Zealand stores to close are Albany and New Plymouth. The doors remain open at its 13 other stores across the country, including seven in Auckland.
Deloitte said it would try its best to redeploy all staff.
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Liquidator Vaughan Strawbridge said closing the loss-making stores would improve group performance and buy time to recapitalise or find a buyer.
Colette was founded in 2010 in designer Colette Hayman and the company quickly expanded to over 140 stores stores in Australia, New Zealand, South Africa and Britain.
According to Australian media, the business employs over 300 permanent staff, plus casuals, and had annual gross sales of over A$140 million (NZ$221m).
It is the latest in a string of recent retail collapses and restructurings, as Australian retailers battle weak sales.
Jeanswest announced in January that it was to close 37 stores in Australia, and the Australian arm of EB Games is also trimming outlets.
Department store chain David Jones has also signalled it will 'aggressively' renegotiate floor space. It made no comment on its Wellington and new Auckland stores.
The New Zealand retail sector is more robust, but it too seen several recent collapses, including shoe brand Ziera and bed company The Bed People.