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Banks Shoes sold by receivers
Footwear retail group Banks Shoes has been sold by receivers.
Banks Group, which operated retail stores under the brands Shoe Connection, SNKR, Banks Shoes and Plimmer Shoes, went into receivership in May.
The receivers' first report, released today, said the company experienced cash flow pressures and suffered trading losses "following a period of significant expansion".
"The expansion was intended to counter the challenging retail environment over the last few years, however, was ultimately unsuccessful," the report stated.
Former staff of the stores, who were collectively owed $339,000, will receive their money as preferential creditors under the sale.
Read the full article on line > The New Zealand Herald - nzherald.co.nz