Stacks Furniture goes into receivership

New Zealand-owned furniture manufacturer and retailer Stacks Furniture has gone into receivership.

Westpac appointed receivers Andrew McKay and John Cregten of Corporate Finance last week.

The business has a manufacturing facility in Penrose, plus four retail outlets - in Three Kings and Wairau Park in Auckland, and one each in Hamilton and Wellington. It also has a homewares and furniture store called The Design Store in Wairau Park.

Stacks had employed 30 people.

The receivers have ceased manufacturing, but are continuing to trade the retail stores. They are evaluating the option of selling the company as a going concern as soon as possible to preserve the value of the business.