Postie Plus sale drags on
A sale process around troubled retailer Postie Plus continues at a slow pace and without firm resolution.
The administrators said today they expected it would be another two to three weeks before a conditional agreement concerning the sale of the Postie Plus business became unconditional and could be completed.
Administrators David Bridgman and Colin McCloy said the intended purchaser, an international retail group, was continuing its due diligence.
Postie Plus has taken a position it will neither confirm nor deny that large South African investment group Pepkor has made a conditional offer to buy the troubled national clothing chain.
A media report has said the purchaser is Pepkor which has retailing chains in Africa, Eastern Europe and Australia.
Postie Plus, with 82 stores in New Zealand, was placed in the hands of administrators and its finances frozen on June 3. Administration is a short-term measure to try to avoid liquidation.
The only information Postie Plus and the administrators have given in a public statement is that an international buyer has put in a conditional offer and is doing due diligence.
At the time Postie was placed in administration it had 650 staff. More recently the administrators have announced they are shutting down a dozen of the stores, putting more than 60 staff out of work.
The stores are Birkenhead, Bishopdale Mens, Bishopdale Womens and Kids, Dannevirke, Gore, Mt Roskill, Papatoetoe, Rangiora Kids, St Lukes, Sydenham, Te Kuiti and Westgate in Auckland. The 12 stores have been continuing to trade in the meantime until they are shut in the first week of July.
Bridgman said today the administrators remained keen to conclude a sale of the business as a going concern.
"We believe this to be in the best interests of all creditors and Postie Plus staff," Bridgman said.
"In the meantime, the company will continue to trade through 68 stores nationwide following the pending closure of 12 stores as previously announced."