As a result of no buyer being found in New Zealand or Australia, women’s clothing chain Identity, which has debt of $2 million owing to the Bank of NZ, will shut down following its decline into receivership on July 16.
It is operated by Winters Fashions, a company directed by David, Martyn and Pauline Winter, but since being put into receivership the business and its assets have been put in control of receivers William Black and Kare Johnstone, who stated that the business has “suffered from the current difficult trading conditions in the retail apparel industry”.
The chain started trading in 1985 and its website claimed it grew to become one of NZ’s leading fashion retailers. To date, nine of its 16 stores have closed shop, with the rest to follow once they have sold up.
Secured creditors include Verge Sportswear, Ricoh NZ, David Winter, and Longbeach Holdings, with it being unlikely that unsecured creditors will be paid out.
Other local clothing chains to fail or falter recently include Jean Jones, which also operated Platform, midmarket chain Shanton Fashions and Postie+.
Postie+ appears to be finding its feet again as well as a scaled back Shanton Fashions, which will launch on September 25. As opposed to the 27 stores at its height, it is now set to have 13 stores located in Dunedin, Fielding, Hastings, Mt Eden, Pakuranga, Pukekohe, Te Awamutu, Whangarei, Tauranga, Wanganui, New Plymouth, Rotorua Mall and Fenton St in Rotorua.