Capital raise ‘necessary’ to save Paper Plus, says board

Paper Plus Group is a co-operative franchise made up of almost 90 stores. (Image: Paul Taylor)

Mon, 05 Aug 2024

Paper Plus NZ's board says a capital raise is “necessary” to “rectify the company's balance sheet”.The four-member board acknowledged a difference in opinion among co-op members, who are expected to stump up.It was revealed last week that Paper Plus NZ, which acts as the retailer’s franchisor, is facing “material uncertainty” and was likely to turn to its members for capital after reporting a net loss of $553,000 in the 12 months to March 31.BusinessDesk previously reported Paper Plus failed to...

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