Menswear firm unable to find buyer

MeccanoMenswear firm Meccano has been unable to find a buyer and will begin winding down the business.

After falling into administration last month, Neale Jackson from the appointed admin firm KordaMentha said that without expressions of interest being received, there was no choice but to wind down the business.

“We now move to the next phase of administration which is to sell down all stock through the current store network,” he said.

All stock will be discounted as the company begins closing the seven stores that remain open at Auckland (LynMall, Manukau, St Lukes, Albany), The Base and Centreplace in Hamilton, and Riccarton in Christchurch.

Vere Sharma, Meccano director, had previously said the retailer was unable to adapt fast enough to what has been a trying time for many mall-based retailers.

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