Line 7 death by dollar

AUCKLAND: Leisurewear brand Line 7 was brought to its knees by increasing commodity prices and a failure to safeguard itself against foreign currency fluctuations, according to receivers of the embattled company.

The iconic retail and wholesale business was put into voluntary receivership by co-owner Ross Munro at the end of June after collapsing beneath a debt of more than $A10 million.

At the time the brand serviced a number of wholesale accounts across Australia and operated nine independent retail stores and two outlet stores across New Zealand.

For more pick up the next issue of Ragtrader magazine, on newstands from September 14.