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Smiths City placed into administration The Press
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Smiths City goes into voluntary administration Stuff
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A closed Smiths City store.
Photo: RNZ / Nate McKinnon
Well-known retailer Smiths City has been placed in voluntary administration.
The chain is a popular furniture and electronics retailer, with a large presence in the South Island.
The company, which was founded in 1918, has nine stores across the country and an online store.
Administrators BDO, said the company had faced increasing financial pressures amid a challenging economic environment.
Despite closing some stores and further cuts, falling sales led to company director Colin Neal making the decision to halt trading.
BDO said as of Tuesday morning, all nine Smiths City stores and the online store had been temporarily closed for business to allow administrators to…
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Smiths City. (File photo)
Photo: Google Maps
Well-known retailer Smiths City has been placed in voluntary administration.
The chain is a popular furniture and electronics retailer, with a large presence in the South Island.
The company, which was founded in 1918, has nine stores across the country and an online store.
Administrators BDO, said the company had faced increasing financial pressures amid a challenging economic environment.
Despite closing some stores and further cuts, falling sales led to company director Colin Neal making the decision to halt trading.
BDO said as of Tuesday morning, all nine Smiths City stores and the online store had been temporarily closed for business to allow administrators to undertake an…
Read the original article here
The Dunedin store, which moved to Crawford St last year, is one of nine Smiths City shops across New Zealand to close their doors today.
The big box retailer last month announced a downsizing which included the closure of its Wānaka store.
Founded in Christchurch in 1918, the company had disclosed it was facing increasing financial pressures.
“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,” administrators BDO New Zealand said in a statement.
“The voluntary…
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The company was previously in receivership in 2020, when it was acquired by Colin Neal’s Polar Capital and delisted.
Smiths City has nine stores and employs more than 110 staff.
Smiths City has been moved into voluntary administration, affecting more than 110 staff.
The home appliances and furniture retailer has nine bricks-and-mortar stores as well as online operations.
This morning, BDO insolvency practitioners Colin Gower and Diana Matchett were appointed as
…
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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 to…
Read the original article here
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…
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King hit: Mercedes mess claims another victim The West Australian
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Staff were called into a meeting at 9am on Tuesday and informed of the decision.
All nine remaining Smiths City stores and its online shop have now been “temporarily closed for business” to assess its financial situation.
BDO New Zealand has been appointed as the administrator.
In September last year, Smiths City merged its Colombo St outlet in Christchurch with its nearby store in The Colombo Mall.
Then last month it announced another downsizing which included the closure of its Wānaka store.
Founded in Christchurch in 1918, Smiths City has been facing increasing financial…
Read the original article here


