Banks Group has gone into receivership at the request of director John Bank. The company runs 14 retail stores across New Zealand including brands such as Shoe Connection and Banks Shoes. The shoe retailer was established in 1938 with a Banks Shoes store in Lower Hutt which then expanded into Wellington before branching out to Christchurch in 2001 and then Auckland in 2013.
PwC's John Fisk and David Bridgman were appointed receivers on Friday and will work with management to figure out the company's position and whether the business can be sold as a whole or in part. The company's level of debt has not been determined yet, but could potentially involve closing some of the 14 stores that employ 170 staff across Auckland, Wellington and Christchurch.