Furniture and hardware retailer Nido will be liquidated after failing to gain a foothold in the New Zealand market during a particularly difficult year.
Nido was founded and lunched in May 2020, trades from a 27,000 sqm site in Auckland, and employs 100 people.
McGrathNicol’s Kare Johnstone and Conor McElhinney were appointed recievers of Magsons Hardware, the entity that trades as Nido, and said that a discounted stock sale will commence shortly.
“It’s deeply unfortunate that the timing of Nido’s launch was in the midst of a pandemic,” said Johnstone.
“Had the circumstances been different, Nido may well have been successful. Perhaps a new owner who is able to recapitalise and restock the business may have more success.”
In June the business said it would be opening in stages and would hold up to 10,000 product lines, however the onslaught of the Covid-19 pandemic, and subsequent lockdowns, made it difficult for a new business to survive.