NEW ZEALAND: Hugh Wright Men's Wear Chain In Receivership
Men's clothing chain Hugh Wright today called in the receivers, putting 120 jobs at risk.
Founded in 1904 by tailor Hugh Wright, the 19-strong chain has closed its stores for stocktaking, although receiver Rob Pardington, of Deloitte Touche Tohmatsu, said some might reopen "depending on their strength of retail location and the degree of interest in acquiring them."
The men's wear company's problems are thought to stem from its high-rental long-term leases coupled with difficulty in adapting to changing market conditions.
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