PK Furniture goes into receivership

PK Furniture has outlets in 16 places around the country.
FAIRFAX NZ

PK Furniture has outlets in 16 places around the country.

PK Furniture has gone into receivership.

The chain has 16 stores around the country, which now bear notices telling customers they have entered receivership.

Customers, who did not want to be identified, said they were concerned about whether they would still receive furniture they had ordered. One said she had been emailed to inform her of the receivership but the $1500 transaction had already been processed.

Andrew McKay of BDO Auckland has been appointed as receiver.

McKay said there were a significant number of customers in that position and the receivers would work through each case, one by one. He said people who had paid for their furniture  but had not yet received them should get in touch with his office.

Consumer NZ said a company going into receivership was often bad news for customers.

"Under insolvency law, customers who paid a deposit for a product or service are unsecured creditors. 

"If a company is in receivership or liquidation there's usually not enough money to go around, so you are likely to get only a fraction back, or even nothing at all. But you still should make a claim straight away with the liquidator, or you may not get into the queue at all."

Retail NZ spokesman Greg Harford said the retail market was highly competitive, and that put a lot of pressure on businesses.

McKay said the receivers' key aim was to  find a buyer for the business.

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The stores had been closed for the past two days for stock take and would open tomorrow, he said.

 - Stuff

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