Retail chain Smiths City has announced it has been placed into voluntary administration and will close all of its stores.
Staff were called into a meeting at 9am on Tuesday, where they were informed of the decision, chrislynchmedia.com reported.
All nine Smiths City stores across New Zealand, along with its online shop, have been temporarily closed while administrators assess the company’s financial position.
Administrators say they aim to reopen stores later this week, chrislynchmedia.com reported.
Colin Gower and Diana Matchett from BDO Christchurch have been appointed as joint administrators.
They told chrislynchmedia.com their aim is to achieve the best outcome for all stakeholders, which may include selling the business…