Paper Plus faces ‘material uncertainty’ after breaching bank covenants, seeks capital raise

Paper Plus faces ‘material uncertainty’ after breaching bank covenants, seeks capital raise
The Paper Plus Group comprises almost 90 stores across NZ. (Image: John Stone)
Gregor Thompson
Paper Plus New Zealand is likely to go to its members for capital after breaching its banking covenants.Its annual statements made public on the Companies Office on Tuesday, show the group made a total loss of $553,000 in the year to March 31, 2024.The book and stationery retail co-op also declared a negative working capital of $2.2 million and said it has $2.5m of loans with the Bank of New Zealand (BNZ).“While the group has previously operated with sufficient headroom within its facilities [loans], the net loss after tax in the current...

More Retail

KMD Brands dips 5% on ‘disappointing’ update
Retail

KMD Brands dips 5% on ‘disappointing’ update

The downgrade was driven by a 6.4% drop in Kathmandu sales.

Gregor Thompson 19 Jun 2025
Inventory discrepancies toy with Zuru’s NZ accounts
Retail

Inventory discrepancies toy with Zuru’s NZ accounts

Zuru NZ's accounts are filed, but there are caveats.

Denise McNabb 17 Jun 2025
Freedom Furniture bought by Australian competitor
Retail

Freedom Furniture bought by Australian competitor

Freedom Furniture has been snapped up by competing retailer Amart, according to media reports.The Australian Financial Review (AFR) reported on Monday that Amart, which Quadrant Private Equity backs, intends to grow Freedom Furniture’s footprint from 60 stores in Australasia to b...

Gregor Thompson 16 Jun 2025
Woolworths signals job cuts as online cellar closes
Primary Sector

Woolworths signals job cuts as online cellar closes

Woolworths NZ said Vineonline employs 19 people.

Gregor Thompson 12 Jun 2025