The slow decline in business has forced New Zealand retailer Shanton Fashions into liquidation, despite every effort to claw back productivity.
After voluntary administration failed to boost the company’s revenue, creditors who are owed $7.7 million have put the company into liquidation, preparing to disclaim store leases and avoid further business costs.
"The liquidators will initially seek to sell the business as a going concern but are cautious in their optimism of achieving such outcome given the evident lack of success to do so on the part of the administrator," said co-liquidator Gareth Hoole.
"It is considered that since those efforts to achieve a sale as a going concern, the value of the company and its underlying assets has dissipated further. Should there be no interest in the business as a going concern the liquidators will seek to realise the assets of the company piecemeal for their best potential under a forced sale scenario."