Kirkcaldie to recapitalise retail business once Harbour City Centre sold

Wed, 19 Feb 2014

By Paul McBeth Feb. 20 (BusinessDesk) - Kirkcaldie & Stain’s, Wellington’s up-market department store, says it will recapitalise the ailing retail business after the sale of its inner-city office tower before returning any surplus to shareholders. The Wellington-based company plans to overhaul its retail offering to deal with rising inner-city rents and increasing competition from online rivals, and will use a portion of the funds raised from the sale of its Harbour City Centre on Wellington’s Lambton Quay towards building a viable business...

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