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Top Shop lost $4.1m over its three-year life
Trade creditors owed $1.8m by the company which operated Top Shop stores in this country are unlikely to get any of that money back.
Top Retail, which operated the Top Shop and Topman stores in Auckland and Wellington, was in negative equity after generating $4.1 million of losses in its three-year life in New Zealand.
The first receivers' report by McGrathNichol's Conor McElhinney and Kare Johnstone show the retailer in negative equity of $2.9m as at date of receivership, after accumulated losses since its launch in 2014 outstripped the $1.3m of shareholder funds.
The shareholders of the retailer included interests associated with Kiwi clothing firm Barkers, Christchurch property investor Philip Carter and fashion designer Karen Walker and also extended loans totalling $6.1m to Top Retail.
Read the full article online > New Zealand Herald - nzherald.co.nz