The Dunedin Staxs clothing store, one of 10 Staxs affected by the receivership of Topsco International NZ Ltd, closed its doors in the Meridian Mall on Monday as a potential buyer was unable to strike a new rental deal.
In January, RHB Chartered Accountants Ltd in Tauranga were appointed receivers of Topsco International NZ Ltd, which owns 10 of the Staxs stores, after Topsco's manufacturing division, Obsidian Group, had the parent placed in receivership.
There are another 11 Staxs stores in New Zealand not owned by Topsco and not affected by the receivership.
The 10 stores which have closed are in Bayfair, Botany, Dunedin, Glenfield, Hornby, Lynmall, Nelson, Newmarket, Onehunga and Taupo.
RHB joint receiver Kenneth Brown was contacted yesterday and estimated about $400,000 was owed in total by the 10 Topsco outlets in receivership, but was unable to give a shop-by-shop breakdown.
Unlike the other nine outlets which were closed on receivership, he had hoped the Dunedin store could be sold, but he said a potential buyer could not agree on new tenancy rates so the sale did not go ahead.
He understood the Dunedin Staxs shop was to be cleared and vacated yesterday.
He said a combination of "tight cashflows and shop rentals getting behind" had prompted the receivership application by Obsidian which held a general securities agreement against Topsco.
• Barkers Mens Clothing in Dunedin, one of 17 outlets around the country, is trading from an upper level in the Meridian Mall while its ground floor shop undergoes a refit.
