An iconic Australian fashion retailer with stores in New Zealand has entered receivership after nearly six decades in business.\u00a0<\/p>\n
Founded in 1968, Sydney-based Cue Clothing Co operates the Cue and Veronika Maine womenswear brands.\u00a0<\/p>\n
British owner Hilco Capital has appointed FTI Consulting\u2019s Vaughan Strawbridge and Kate Warwick as receivers and managers.\u00a0<\/p>\n
Duncan Clubb and Shaun McKinnon of BDO Australia were separately appointed voluntary administrators.\u00a0<\/p>\n
Cue\u2019s New Zealand website lists stores in Newmarket and Onehunga in Auckland and Wellington, as well as a concession at Ballantynes in Christchurch.\u00a0<\/p>\n
Staff were informed of the voluntary administration on Tuesday afternoon, the Australian Financial Review reported.\u00a0<\/p>\n
A Hilco spokesman described the development as a \u201cdisappointing outcome, but the only available course of action given the circumstances\u201d.\u00a0<\/p>\n
\u201cOur intention has always been to fund Cue to restore growth and profitability,\u201d he told the Australian Financial Review.\u00a0<\/p>\n
\u201cThis appointment will now provide an opportunity for a new owner to carry the Cue and Veronika Maine brands forward.\u201d\u00a0<\/p>\n
The receivers said increased sales and other improvements were not enough to offset the company\u2019s high overhead costs.\u00a0<\/p>\n
A spokesman said: \u201cThe receivers are continuing to trade the business while they undertake an assessment of the business and restructuring options available.\u00a0<\/p>\n
\u201cA sale process seeking offers for business as going concerns will also commence immediately seeking to secure the future of the brands, a pathway to profitability and ongoing employment for staff.\u201d\u00a0<\/p>\n
The appointments come just a month after Cue and Veronika Maine were put up for sale.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"An iconic Australian fashion retailer with stores in New Zealand has entered receivership after nearly six decades in…\n","protected":false},"author":2,"featured_media":601408,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[138,118311,296405,111,43,139,69,296404],"class_list":["post-601407","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-zealand","tag-business","tag-cue","tag-cueclothing","tag-new-zealand","tag-news","tag-newzealand","tag-nz","tag-recievership"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/601407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=601407"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/601407\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/601408"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=601407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=601407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=601407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}