Retailer Smiths City has “temporarily” closed all of its stores after being placed in voluntary administration.
Smiths City staff were called into a meeting at 9am on Tuesday and informed of the decision.
All nine remaining Smiths City stores across New Zealand and its online shop have now been “temporarily closed for business” to assess the business’s financial situation.
BDO New Zealand has been appointed as the administrator.
BDO said in a statement it aims to “reopen stores later this week”.
“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,” BDO said.
“The voluntary administration process aims…