Home appliance and furniture retailer Smiths City has gone into voluntary administration.
Administrators are calling for “urgent” expressions of interest for potential buyers of the business. The company was founded in Christchurch in 1918, and currently operates nine physical stores across New Zealand, along with an online store.
In a statement, a spokesperson for administrators said Smiths City faced increasing financial pressure in a challenging economic environment.
“Despite closures of some stores and further downsizing measures, declining sales meant that the director of the company took the decision that trading could no longer continue.”
As of 8.30am all stores and the online shop have been temporarily closed, with “the aim of…