Listed clothing retail chain Postie Plus, which employs 19 people in its Napier, Hastings and Waipukurau branches, has gone into voluntary administration after losing bank support.
Administration is a short-term measure that enables the 82-branch chain to freeze its financial position while the administrator, creditors and staff work out aplan forward.
Its 82 stores will continue to trade.
Postie Plus' Napier and Hastings branches each employ seven staff and Waipukurau employs five.
Postie Plus chairman Richard Punter said despite restructuring and improvements in gross margin and market share the company had continued to make ongoing trading losses which the bank would no longer support.
