New Zealand fashion retailer Postie Plus has received an offer of salvation, following its collapse into administration.
As previously reported on ragtrader.com.au, Postie Plus appointed David Bridgman and Colin McCloy of PricewaterhouseCoopers as administrators of the company earlier this week.
The company has now confirmed that the administrators have clinched a conditional agreement to sell the assets and business of Postie Plus as a going concern to an international retail group.
The intended purchaser is conducting due diligence over the next three weeks.
Subject to this due diligence and finalisation of formal documentation, the sale is expected to be completed within the next four weeks.
In the meantime, the administrators intend to continue trading the business whilst they work through the sale process.
The administrators said they believe that this “going concern sale” of the Postie Plus business is in the best interests of the company’s stakeholders.
This includes its secured creditors, trade suppliers and other creditors, landlords, as well as the company’s more than 600 staff.
Administrators also reiterated that patience is required from all company stakeholders whilst they work with the prospective purchaser to satisfy the conditions so that the sale of the Postie Plus business can proceed “in an orderly manner”.