sent by an Australian reader [Edited by TEAA]
Another kiwi company goes under!
‘Line 7′ goes into receivership
Line 7, a kiwi company which produced outdoor gear and, casual wear and a line of other items has gone into receivership, blaming the economy and the kiwi dollar.
Line 7 runs 11 stores, employing 110 staff locally and reportedly exports its Chinese manufactured products to Australia, Britain, the US and the Caribbean.
“It’s just bloody sad, to be fair, but it’s my fault, it’s nobody else’s.” Owner director Ross Munro said.
“Fundamentally I just think the business model over the last few months hasn’t worked,” Munro said.
The business model? You mean the colonial business model of manufacturing in China, selling in Australia … and scooping the cream off in New Zealand?
Did you hear the Chinese proverb about the flying Beijing roast duck and the wishful kiwi standing with his mouth open?
What happens now?
The receiver is looking for a buyer raped in the brain by a wombat
The business might be sold as a going concern [to someone raped in the brain by a wombat.] Receiver Grant Graham, of KordaMentha, said.
“We’ll look at the prospect of that. It’s an iconic brand, and I would suspect there’ll be real interest in that. Whether it would continue with the retail footprint, I’m not so sure.”
Line 7 was said to have been involved in numerous major sporting events yesteryears, when General Motors was making a profit.
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