NZ Post quits unprofitable Localist experiment to focus on core business, Kiwibank

Thu, 03 Apr 2014

By Suze Metherell April 3 (BusinessDesk) – New Zealand Post, the state-owned postal service, has sold its unprofitable online directory Localist at a loss to focus on its ailing mail service and growth aspirations for Kiwibank. Localist was set up in 2010 as both a print and digital play to tackle Yellow Pages, which was-financially distressed at the time and had been taken over by its lenders. But the collapse in print market revenues hit Localist, chief financial officer Mark Yeoman told BusinessDesk. While breaking even on a cash-flow b...

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