Plaza owner hit by fashion chain flop - Stuff
The Plaza owner Kiwi Income Property Trust is one of more than 50 creditors left out of pocket by the collapse of women's fashion chain James & August.
Owned by celebrity former couple Sally Ridge and Adam Parore, it fell into the hands of liquidators in May last year.
The Palmerston North outlet was the first of The Plaza's stage three development stores to shut, and Kiwi Income was identified as one of 51 creditors owed about $1 million in total.
There was also a James & August store at the Kiwi Income-owned Sylvia Park shopping centre in Auckland.
The liquidators, Craig Young and John Gilbert, have now posted their final report with the Companies Office, as well as a notice to remove the company from the register.
According to the report, secured creditors received $23,942.05, while a "creditor settlement" of $50,000 also appeared in the company's ledger since its collapse.
The Sylvia Park store kept trading for a few weeks after the company went into liquidation. Rent of $17,616.99 was paid for this.
However, Kiwi Income's Karl Retief said he didn't think any of the lost rent money was recovered.
"No-one wins in these things. Sometimes it takes a while to get the right tenant, in our industry."
James & August's former Plaza site was taken over on a short-term lease by Evolution Clothing, but in October last year, it shut its doors in the city as well.
Stationery supplier Typo has since taken over there.
James & August also had stores in Milford and Onehunga, and a leased office in Ponsonby.
- The Manawatu Standard
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