The collapse of large retailer Smiths City has liquidators expecting many creditors will go unpaid after adding up more than $26.8 million in liabilities.
About 240 companies are owed money, with unsecured creditors likely to be out of pocket after liquidators, Colin Gower and Diana Matchett from BDO Christchurch, combed through the company’s assets and debts in their first report.
The prospect for outstanding claims looked bleak.
“Unfortunately, we do not anticipate that there will be any funds available for a distribution to unsecured creditors.”
Founded in 1918 in Christchurch, Smiths City operated nine stores mainly in the South Island with a…