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Banks Shoes chain sold for $2.3 million, covering BNZ loan
Failed footwear chain Banks Group's business sold for $2.3 million to a group of investors led by the former owner's son Jeremy Bank, all but covering an outstanding loan to Bank of New Zealand.
The latest report by receivers John Fisk and David Bridgman of PwC show Shoe Co paid $1.6m for Banks Group's fixed assets and a further $666,000 for stock in July last year.
The buyer also made a $50,000 payment towards the receivers' expenses. Banks Group was tipped into receivership in May 2017 at the request of director John Bank after struggling with cash flow after a period of rapid expansion.
Read the full article by Paul McBeth > The New Zealand Herald - nzherald.co.nz