Wednesday, March 2, 2011

[In the] REDgroup owes NZ suppliers $22 million

According to an article in today's NZ Herald, the insolvent REDgroup's unsecured New Zealand creditors were owed $21.5 million when the company, which owns the NZ Whitcoulls retail chain and the NZ stores of Borders, went into voluntary administration. 

The group's Australian creditors were out of pocket by A$25.5 million ($34.5 million), REDgroup's New Zealand creditors were told at a meeting at the Ellerslie Events Centre yesterday.

Employee entitlements across the whole group came to A$7.8 million, with the New Zealand staff component totalling $2.1 million.

No comments: