Rodd & Gunn breaches bank covenants amid overseas push

The men’s fashion retailer declared a negative working capital of $5.1 million. (Image: Nick Reed)

Wed, 04 Dec 2024

Despite rapid expansion overseas, Rodd & Gunn has breached its covenants with two banks and has more than $66 million in current liabilities.In consolidated financial statements for Rodd & Gunn New Zealand and its eight subsidiaries, made public on the Companies Office on Monday, the group’s profits fell 62% to $553,841 in the year to June 30.The men’s fashion retailer declared a negative working capital of $5.1m and disclosed $8.35m in loans to ANZ and another $6.3m to the Canadian Imperial Bank of Commerce (CIBC).Majority...

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