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Warehouse will take over Auckland appliance store sites, offer jobs to staff

Warehouse Group [NZX: WHS], New Zealand's largest retailer, will take over five Auckland store leases and offer employment to staff when Australian discount electrical goods retailer The Good Guys exits the New Zealand market.

Auckland-based Warehouse will take over leases at Albany, Wairau Park, Manukau, Botany and Sylvia Park and utilise the spaces across a mix of its brands which include The Warehouse, Warehouse Stationery, Noel Lemming Group, Torpedo 7 and R&R Sports, Warehouse chief executive Mark Powell said in a statement.

Warehouse said it would offer employment to as many of the Good Guys workers as possible and allow customers to return faulty product through its Noel Leeming appliance stores.

The Australian appliance chain was founded in 1952 and has 97 stores in Australia, according to its website.

The shares rose 0.3 percent to $3.09 today, and have slid 18 percent this year.

(BusinessDesk)

Comments and questions
7

Ummm what is the Warehouse trying to be?

Going long on a pure price whitewares market - the big hitters of which are owners operators

If quick Postie Plus looking for a new sugar daddy

Warehouse is trying to conquer the whole whiteware market. At the end of the day, it will be harvey norman and Warehouse. IMO, it is s a smart move, having many sub brands. Smith city is not even in the league. Buying company to kill compeition

Noel Leeming has always been a price leader in the market, so it was a good fit for The Warehouse group. I have no doubt there will be other opportunities in the future. It's good for consumers, so I support what they are doing.

Finally, an acquisition that makes sense for the Warehouse.

now they just need to come to market with a killer finance product that is easy to use and boom. oh .. wait.

Apparently, The Good Guys were being just a little too good to us, if the aussie owners are giving their NZ business the fick.

The Good Guys were awesome guys. Great prices, all staff empowered to negotiate and discount, knowledgeable (and I know my stuff, for the first time in my life a sales assistant got me to change my plans), and don't mind if kids sit down watching TV for ages. Maybe they were too good.