Fraser Cove store closing

Staff at Shanton in Fraser Cove are among 70 people working for the fashion outlet to lose their jobs after the company opted for voluntary administration.

The loss of 17 stores comes as the company looks to restructure following the announcement this morning.


Shanton in Fraser Cove is set to close after the company entered voluntary administration.

Staff at the Fraser Cove branch say they are not permitted to speak about the restructuring process.

The other stores set to close are Eastgate, Northlands, Whakatane, Masterton, The Base, Palmerston North, Feilding, Thames, Gisborne, Napier, Nelson, Westgate, Sylvia Park, Botany, Manukau Supa and Albany.

Some staff will be relocated to other stores, although administrator Bryan Williams, of BWA Insolvency, says he is unsure at this stage how many staff will be moved.

'It is with a great deal of regret that the store footprint needs to reduce, but this is the first step towards the rehabilitation of a brand that has been an icon in the New Zealand marketplace for more than 30 years,” says Bryan.

Shanton has 37 stores nationwide, and as of January 11, employs 155 throughout the country.

Around 206 creditors are owed almost $7.8 million and the business, which is still trading, is up for sale.

In an interview with Stuff on February 11, Bryan said Shanton's total assets, including stock and fixed assets at book value, totalled $3.35m.

The $4.4m shortfall was 'significantly different” to the company directors' estimate of $693,000, as reported by the directors when Shanton went into voluntary administration on January 11.

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3 comments

Will miss shopping with the free parking

Posted on 26-02-2015 15:42 | By Belinda

Shame they're not keeping this shop open and closing the other. Parking is free at Fraser Cove.


Sorry Belinda but

Posted on 27-02-2015 09:44 | By Annalist

Parking isn't truly free at Fraser Cove. It might be free for the user but someone pays for it and in this case it is the tenants such as Shanton. The true cost of the parking in malls is included in the rent. Downtown it isn't, the user pays.


Sorry Analist

Posted on 27-02-2015 19:33 | By Accountable

Who pays for the free parking at the Mount, Greerton,Brookfield and all the other industrial areas such as Newton street and Maleme street and every other street in the industrial areas? It is the CBD that subsidises these areas from their parking charges and you consider that fair? As far as the parking at Frazer Cove and Bayfair is concerned it is free to the shoppers and that is all that matters to them and the CBD continues to decline because of the nonsense that people with your type of uninformed thinking continue to inflict on the CBD.


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