Premium appliance retailer Kitchen Things has entered receivership with weaker consumer demand and increased competition over the past two years blamed for the business’s demise.

Despite restructuring and reducing costs, including exploring possible sales avenues, the company was unable to offset declining sales and margins.

The company has appointed Russell Moore, Stephen Keen, and Adele Hicks of Grant Thornton New Zealand as receivers and managers.

The receivership process impacts all 12 company-owned Kitchen Things stores, however Kitchen Things in Hamilton is not affected as a separate franchise entity runs it.

“We have temporarily closed all stores while we assess stock and establish next steps for the group,” said Keen.

“Our priority is to identify buyers for the business and/or assets of the group, ideally on a going concern basis.

“Key staff have been retained as we look to manage costs and re-open stores.”

The organisations entering into receivership include Kitchen Things IP, Kitchen Things Holdings, Jones Family Investments, Kitchen Things NZ, Appliance Works (2015), Baumatic Appliances, and Applico.

The receivers have called for expressions of interest from parties that may be interested in acquiring all or part of the company.