Kirkcaldie shares soar 21% on David Jones takeover, capital return

Thu, 04 Jun 2015

By Suze Metherell June 4 (BusinessDesk) - Kirkcaldie and Stains, the unprofitable department store owner, will disappear after 152 years of operation, with Australia's David Jones using the site for its first New Zealand store and leaving the board free to return cash to shareholders. The stock soared on the news. South African-owned David Jones will pay A$500,000 for the Kirkcaldie name and take over the lease of the Lambton Quay, Wellington site, with the option to buy the retailer's assets for $500,000, Kirkcaldie said in a statement....

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