WELLINGTON, July 18 The South Africa-based
retail group Pepkor Ltd has bought troubled New Zealand clothing
retailer Postie Plus Group Ltd, Postie's administrators
said on Friday.
The privately-owned investment group has taken over 64
Postie Plus shops and its head office operation as a going
concern for an undisclosed sum.
Postie Plus was put under administration in early June after
its bank refused to back the money-losing retail chain, which
had been losing market share for the past two years.
"We believe this sale is in the best interests of all
creditors and Postie Plus staff," administrator David Bridgman
said in a statement.
Pepkor Ltd has clothing and footwear shops throughout
southern Africa, eastern Europe, and Australia, where it owns
the Best & Less and Harris Scarfe chains.
The listed Postie Plus was suspended from trading on the New
Zealand stock exchange at the end of May, when its shares last
traded at 7.3 New Zealand cents, valuing the company at NZ$2.9
million ($2.52 million).
It said in April it had bank debt of NZ$12.1 million, with
total liabilities of NZ$24.7 million and assets worth NZ$29.6
($1 = 1.1527 New Zealand dollars)
(Reporting by Gyles Beckford; Editing by Matt Driskill)