AUCKLAND: The death knell has sounded for luxury menswear retailer Satori, following unsuccessful attempts to sell of the embattled business by its administrators.
As previously reported on Ragtrader Online, the retailer's parent company Axiom International was placed into liquidation last December with $2.2 million worth of debt. Satori Retail, the holding company which operates the brand's network of three stores in New Zealand, has now followed its plight.
Liquidator Stephen Tietjens said while attempts had been made to sell the business, a lack of competitive offers had left liquidators little option but to place it into liquidation.
It was understood signs announcing the liquidation had now been placed on effected stores, along with promotions for discounted stock of up to 80 per cent.
The collapse of Axiom was attributed to the failure of an Australian retail venture, a decline in sales and cashflow difficulties resulting from the credit crunch.