Last pay­ment

The New Zealand Herald - - BUSINESS -

Strate­gic Fi­nance re­ceivers will make one fi­nal pay­ment to in­vestors, lift­ing the to­tal pay­out to 21 per cent, be­fore call­ing time on the seven-year saga. To date, dis­tri­bu­tions in the re­ceiver­ship have been 20c in the dollar, or $73.5 mil­lion, for the 10,000 se­cured deben­ture in­vestors who had in­vested $367.8m in the failed com­pany. Re­ceivers John Fisk and David Bridg­man of PwC said their re­vised es­ti­mate for the fi­nal dis­tri­bu­tion was up from a pre­vi­ous range of 20-to-20.7 per cent. Af­ter that, the re­ceiver­ship would be brought to an end. they can eas­ily get prod­uct from Top­shop and Top­man.”

The Iconic’s part­ner­ship with Top­shop is an on­line ex­clu­sive with Bri­tish group Ar­ca­dia and not the cur­rent fran­chisees of the brick­sand-mortar stores in Aus­tralia.

“Top­shop is very much known for be­ing fast with the trends and re­ally pick­ing up styles from the run­way and trans­lat­ing them into the Top­shop Top­man way, so for us it’s a re­ally good ad­di­tion to our trend as­sort­ment,” Osthus said.

“We know that Top­shop and Top­man is a very wanted brand in Aus­tralia and New Zealand and cus­tomers are search­ing for it.”

The deal is Top­shop’s first on­line pres­ence in New Zealand with phys­i­cal dis­tri­bu­tion from Aus­tralia.

“Top­shop and Top­man are two brands we know Ki­wis love — we want to keep bring­ing our cus­tomers the big­gest and best brands in the world, which is why we’re thrilled to be wel­com­ing Top­shop and Top­man to The Iconic fam­ily,” said Pa­trick Schmidt, chief ex­ec­u­tive of The Iconic.

In Septem­ber, Top Re­tail, the com­pany that op­er­ates the li­cence for the Bri­tish brand in New Zealand, said its Auck­land and Welling­ton stores had been placed in re­ceiver­ship.

The Iconic’s Mareile Osthus says Top­shop is known for be­ing alert to trends.

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