Shareholders in Eastern Hi Fi are unlikely to get any money for their holdings in the failed retailer and while creditors are likely to fare better, a shortfall is still expected.Receivers Michael Stiassney and Brendan Gibson from KordaMentha were called
Shareholders in Eastern Hi Fi are unlikely to get any money for their holdings in the failed retailer and while creditors are likely to fare better, a shortfall is still expected.
Receivers Michael Stiassney and Brendan Gibson from KordaMentha were called in on January 14 with company directors saying they saw no alternative.
In an announcement released late today, the receivers said they "anticipate there will be a shortfall in the amount available for creditors, and no amount available for shareholders."
They have applied to NZX to delist the company, which was suspended from trading last week when the receivership was announced.
When halted, the shares were valued at 8c, down from a year high of 13c last June.
No further information was immediately available.
For the half year to the end of June the company reported a loss of $979,761.
Eastern Hi Fi's website said the company opened its first store 30 years ago in the east Auckland suburb of Howick, and three decades later held the position of this country's leading specialist audio retailer.
In its half year report in September, the company noted it had reduced its retail outlets to three – a main store in Auckland's Khyber Pass Rd, another in Wellington, and the original store in Howick.
