Yoobee staff to keep jobs in sale

Last updated 10:21 05/03/2014

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NZX-listed Renaissance has found a buyer for its five loss-making Yoobee computer retail stores, safeguarding the chain's 42 operational staff.

The deal, with privately owned Auckland firm Logical Systems, appears to clear the final hurdle for Renaissance's likely wind-up and delisting.

Logical Systems had agreed to buy Yoobee's 60-day inventory for its $900,000 book value and to try to sell older items, worth about $250,000, on Renaissance' behalf, Renaissance said.

It would pay a token $1 for the stores' other assets, fixtures and fittings and retain their 42 "operational employees" on their existing terms.

Renaissance will be responsible for collecting $100,000 from debtors and paying creditors about $1m.
The handover of the chain is expected tomorrow.

Yoobee last month completed the sale of its other business, the Yoobee School of Design, previously known as Natcoll, to private schools owner Academic Colleges Group for about $13 million.

Renaissance chairman Colin Giffney said he was not yet in a position to estimate how much capital Renaissance might be able to return to shareholders.

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- Fairfax Media

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