Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
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.