PHOTO: MAX FASHIONS
Women’s fashion brand Max is preparing to close 17 stores due to financial strain caused by New Zealand’s COVID-19 lockdown.
The brand reportedly generated little to no revenue due to the stringent restrictions and widespread closures implemented to combat the spread of the virus.
The seventeen closures make up roughly 40 percent of Max’s 42 outlets across New Zealand, BusinessDesk reports. The number of staff impacted by the decision has not yet been revealed.
The clothing chain, owned by Chris Greive, Gary Hitchcock and James Whiting, is being restructured and is seeking a creditor’s compromise so it can keep trading, BusinessDesk reports.
The company has not paid rent since the end of March.
More to come. SOURCE NEWSHUB