All Smiths City stores across New Zealand have been placed into voluntary administration, with doors shut this morning while administrators urgently assess the company’s financial position.
Staff were called into a meeting at 9am where they were informed of the decision. At 8.30am all nine Smiths City stores, along with its online shop, were temporarily closed. Administrators say they aim to reopen stores later this week.
Smiths City (2020) Limited has appointed Colin Gower and Diana Matchett of BDO Christchurch as joint administrators. They said the process is designed to achieve the best outcome for all stakeholders, which may include selling the business and assets to interested parties.
The administrators acknowledged the…