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…

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…

“The voluntary administration process aims to achieve the best outcome for all stakeholders. This may include selling the business and assets to interested parties.”

The administrators said they were calling for urgent expressions of interest.

Administrators said they met with staff at 8:30am this morning to explain the process going forward.

“The aim is to reopen stores later this week,” they said.

“The administrators appreciate this is an unsettling time for everyone at the company.”

Customers who have paid deposits for purchases will be contacted directly by the administrators over the coming days.

More to come

All Smiths City stores across New Zealand have been placed into voluntary administration, with doors shut this morning while administrators urgently assess the company’s financial position.

Staff were called into a meeting at 9am where they were informed of the decision. At 8.30am all nine Smiths City stores, along with its online shop, were temporarily closed. Administrators say they aim to reopen stores later this week.

Smiths City (2020) Limited has appointed Colin Gower and Diana Matchett of BDO Christchurch as joint administrators. They said the process is designed to achieve the best outcome for all stakeholders, which may include selling the business and assets to interested parties.

The administrators acknowledged the…

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