No buyer found for Marcs and David Lawrence

Marcs and David Lawrence are struggling to find a buyer. Photo / Getty

The New Zealand stores of fashion retailers Marcs and David Lawrence are closing down.

Administrators Rodgers Reidy today confirmed the closure of all 10 New Zealand stores over the next two months. The closures will impact 11 full time, 22 part time and 11 casual jobs.

A spokesman for the administrators said the decision to close the stores came after a buyer could not be found for the New Zealand arm of the business.

Director of Rodgers Reidy, Andrew Barnden said: "Both brands have been operating in New Zealand for more than 10 years. As administrators, we have an obligation to restructure the operations of the Australian and New Zealand businesses while we attempt to sell the business as a going concern."

There's a silver lining however, with Barnden saying stock at the stores will be discounted.

"Whilst the stores are permanently closing, New Zealanders will have a great opportunity to purchase quality apparel at discounted prices. We hope loyal customers take advantage of this final opportunity to buy great product from these iconic brands," he said.

"Stock will be discounted from today and stores will close progressively over the next few months. Customers should hurry into their favourite stores to access this one-off discount opportunity."

The Australian arm of the business will continue to operate as the administrators attempt to find a buyer for the embattled retailer.

"Whilst the New Zealand stores of Marcs and David Lawrence are closing permanently, we are dealing with interested parties with respect to the sale of the Australian businesses and are continuing to trade 177 Marcs and David Lawrence stores," Barnden said.

"No decision has yet been made on the Australian arm of the businesses."

When the businesses were placed in administration last month the sole director of the companies behind the labels, Malcolm Webster, blamed deteriorating sales, poor cash flow and market conditions.

David Lawrence and Marcs are among a string of retailers hit by tough times in the Australasian retail market.

Rhodes and Beckett, and Herringbone were placed in voluntary administration in February, leaving the futures of about 140 workers in doubt.

Payless Shoes and Howards Storage World appointed administrators two months ago, while children's retailer Pumpkin Patch entered receivership last October.