Paper Plus ‘productively engaging’ with members after capital raise blindside

The Paper Plus Group comprises almost 90 stores across NZ. (Image: NZME)

Thu, 01 Aug 2024

A day after Paper Plus New Zealand disclosed a potential capital raise after breaching its bank covenants, the group says it is “productively engaging” with its store owners. It was revealed this week that Paper Plus NZ, which operates as a co-operative and acts as the retailer’s franchisor, is facing “material uncertainty” and is likely to turn to its members for capital after reporting a net loss of $553,000 in the 12 months to March 31.BusinessDesk reported Tuesday that store owners were kept in the dark ab...

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