NZX listed diversified investment company; Hellaby Holdings has said it will look to sell off its footwear division.
After reporting a profit return of $23.3million in 2015, the Auckland based company said the footwear division, which includes Hannahs and Number One Shoes, is no longer a core part of its business and will look into divesting the two companies at an appropriate time.
Both Hannahs and Number One Shoes have struggled with the on-going pressure of online retail trends, forcing the two companies to reconsider business models in order to remain profitable, however reported a decline in annual earnings of 6.5%.
