NEW ZEALAND: Charles Parsons New Zealand has rescued Line 7, acquiring 100 per cent ownership of the brand and registered trade marks.
In a deal announced today, the textile house reported it would continue to supply to Line 7’s existing agricultural and marine customers.
Charles Parsons NZ chief executive officer Peter Allard said there were strong synergies between each entity. He said Charles Parsons had been a long term supplier to Line 7 so it had solid technical sourcing capabilities in place for the label.
Line 7 is a New Zealand based outdoor lifestyle apparel label. It went into receivership in New Zealand on June 29 after a failed restructure saw it collapse under $8 million of secured debt. Its Australian arm was wound up just four days later.