NEW ZEALAND: The publishing group behind monthly fashion business title Apparel has called in the receivers.
3media Group, which up until last year still operated an office in Melbourne, appointed liquidator Gerry Rea on Friday (May 1) after failing to sell its stable of 15 trade magazines and newsletters.
A statement from the company said the group had been for sale for the past three months but perspective buyers had difficultly raising funds to purchase the entire portfolio.
According to a report in the National Business Review (NBR) last month, tenders for the business closed on April 14 with around seven bidders putting in final tenders.
The NBR said this morning (May 2) the company would now be broken up with each of the company's publications to be split off and sold separately.
It is understood the company will continue trading until all its assets have been sold.
Apparel magazine was formerly sold across both Australia and New Zealand under the guidance ofAustralian publisher Barry Flanagan and editor Cheryl Harty.
3media's other titles include Admedia, C-Store, Foodservice magazine, Marketing magazine and Security Today magazine.