BRISBANE: The receivers in control of New Zealand-based clothing manufacturing company Lane Walker Rudkin (LWR) have put the business up for sale.
The Christchurch-based firm was placed into the hands of receivers BDO Spicers on April 29 by its bankers after falling into what the company's new managers called "a substantial increase in bank debt".
The company currently employs around 470 people across Australia and New Zealand - 60 of which are in Brisbane - with the remainder across factories in Greytown, Timaru and Pahiatua.
However an advertisement in Fairfax newspapers over the weekend (May 9 to 10) suggests the business will be broken up for sale with the hosiery, underwear and sports clothing manufacturing and distribution businesses and a screenprinting operation all up for grabs.
The advertisement said BDO Spicers was running a tender process for the sale of the assets of the business. It would be up to interested parties to determine whether they were interested in buying the entire business or individual parts.
According to a report in the Christchurch Press newspaper, staff were asked to sign new employment contracts however BDO Spicers has described the move as a "technical" one with all the terms and conditions of the new employment contracts the same as the existing one.
Tenders for the business close on May 22.