No offers yet for Kirkcaldies
No offers have been made for Kirkcaldie & Stains’ retail operations following discussions with interested parties last week.
The Wellington based department store received an approach from investment group JC Capital on behalf on un-named investors in December.
Chairman Falcon Clouston met with a JC Capital representative on February 2 however no offer was tabled.
“The company understands that the expressed interest remains, but no timetable or framework was set for any further discussions,” Kirkcaldies said in a statement today.
It has left the initiative with JC Capital while continuing to evaluate options for its property and retail businesses.
The 150-year-old Kirkcaldie & Stains has been unprofitable for the past two years.
It made a loss of $465,000 for the year to August 31 compared to the prior year loss of $1.8 million.
The thinly traded Kirkcaldie & Stains shares [KRK:NZX] are unchanged at $3 each.