Receiver hopes for fashion revival
Failed New Zealand fashion brand Andrea Moore is for sale ‘‘to anyone who wants to put an offer in’’, receivers say.
The company went into liquidation and receivership on Tuesday, citing ‘‘highly damaging’’ late deliveries, ‘‘crippling’’ creditor payment defaults, and extensive roadworks outside retails stores for its downfall.
Receiver Andrew Grenfell of McGrathNicol said yesterday that he would not comment on who he was approaching, but confirmed expressions of interest from any national or international company would be considered.
He would not say if there had been any offers to date.
Retail NZ’s public affairs general manager, Greg Harford, said most people would be hoping the business could be sold to new owners who would be able to ‘‘revitalise it’’.
‘‘There’s likely to be value in the brand, and we expect that, if a new owner can be found, the brand is likely to continue in the market,’’ Harford said.
First Retail Group managing director Chris Wilkinson said the brand and intellectual property of the designs ‘‘could complement other labels within a collection or for a more mainstream retailer’’.
However, the ‘‘fragility of retail’’ was highlighted by Andrea Moore managing director Brian Molloy’s statement on Tuesday, which ‘‘could compromise potential for sale‘‘, he said.
Another option could be for the owners to repurchase the company, under a restructured business model, ‘‘without the legacy encumbrances of leases or debts’’, Wilkinson said.
‘‘This is what has happened with similar situations in the UK and Australia, where a label is reliant on a personal brand, which may have little value without the support of that individual.’’
Andrea Moore has been in business since 1999. It has seven stores across Auckland, Wellington and Christchurch and employs 22.
All stores will continue to trade while the receivers work to assess options for the company.