Postie Plus appoints administrator after bank pulls support

Mon, 02 Jun 2014

By Paul McBeth June 3 (BusinessDesk) - Postie Plus, the worst performing stock on the New Zealand stock market, has appointed administrators after its lenders withdrew support as the company continued to make ongoing losses. The Auckland-based retailer appointed David Bridgman and Colin McCloy of PwC as administrators, saying attempts to recapitalise the business had been unsuccessful. The retailer's board also sought to sell the business outright, or find a new cornerstone shareholder. The administration should allow Postie Plus to keep...

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