The takeover of NZX-listed retailer Hellaby Holdings is nearing completion, with the company today announcing that long time directors Steve Smith and Paul Byrnes have resigned.

The news comes two days after the takeover offer from ASX-listed auto parts company Bapcor closed, with 95.5 per cent of Hellaby’s shares now in the Australian company’s hands.

Bapcor has now commenced the process of acquiring the final shares and has dispatched letters to shareholders who have not yet accepted the offer. Once this is complete, Hellaby will be privatised as an arm of Bapcor.

That process is expected to be completed by 8 March, with the company applying for a waiver from the NZX listing rule that would require them to release its half year financial results before then.

A summary of profit results compared to previous guidance is expected to be issued, as the company’s new chairman Darryl Abotomey leads an assessment of the non-core parts of the Hellaby business for potential divestment.

This non-core section of Hellaby includes the company’s footwear brands, Number One shoes and Hannahs – which operate a combined 112 stores in New Zealand.

Abotomey thanked both Byrnes and Smith for their service and acknowledged their assistance in transitioning Hellaby to Bapcor’s ownership.