Kirkcaldie hires advisers to look at spinning off property unit after sale falls through

Fri, 21 Dec 2012

Dec. 21 (BusinessDesk) - Kirkcaldie & Stain's, the unprofitable Wellington department store operator, said it has hired advisers for the possible spinoff of its property-owning unit, whose asset exceeds the market value of the company. The move comes after a mystery buyer for its Harbour City Centre on Wellington's Lambton Quay, valued at $46.5 million, walked away from the deal this month. Kirkcaldie has “appointed external parties to provide advice to the company on the corporate restructuring options to facilitate the separation of Kirkc...

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