Stationery chain kikki.K has closed its seven stores in New Zealand.
The Australia-based retailer’s receivers in New Zealand, BDO, had confirmed the store closures and added the staff had all been axed.
According to a report from Stuff, a BDO spokesperson said a sale process is currently under way by the receivers of the Australian operations.
The spokesperson added they are under the impression a prospective buyer has already expressed an interest in the New Zealand market but have not been given any further information regarding the prospective purchaser’s intentions.
The stationery retailer, which was placed into voluntary administration in March, said in a statement that the brand got caught “in a perfect storm” of circumstances, from suffering the impact of Brexit during its UK store rollout to the Hong Kong protests, a subdued Christmas, the disastrous Australian bushfires and now, the coronavirus.”
The company’s Australian receiver Cor Cordis had said at that time that the shops would remain open while they are assessing kikki.K’s financial position.
But a month later, the troubled stationery business, which has 65 stores in Australia, the UK, New Zealand, Singapore and Hong Kong, was put into liquidation.
In a creditor’s meeting on Zoom Thursday, June 25, the company’s shareholders voted to sell the business. They voted in favour of a deed of company arrangement, according to administrator J.P. Downey & Co.
The new owner E.C. Designs LLC, which trades as Erin Condren Designs, is based in Austin, Texas, and primarily sells personalised and customised organisation and lifestyle products.
Out of 245 votes cast, 244 voted in favour, with only one voting against – leaving the final figure at 98.85 per cent in favour, and 1.15 per cent against. Creditors are likely to get around 1-2 cents per dollar.
Kikki K was founded by Australian-based Swedish entrepreneur Kristina Karlsson in 2001.