New Zealand-owned kitchen and appliance chain Autel is in receivership after being buffeted by the housing downturn and pressure from big international chains.
Kerryn Downey and William Black of McGrathNicol have been appointed receivers and managers of three companies that sell imported kitchen and laundry goods: Autel TV Services Limited, Lifestyle Appliances (2004) Limited and Prestige Appliances NZ Limited.
The companies' 15 staff must wait to find out what will happen in coming weeks while receivers decide whether it is feasible to sell the companies as they are or whether they should be put into liquidation.
Mr Downey said the companies' four showrooms - Autel's in Greenlane, Mt Roskill and Mairangi Bay, and Lifestyle's in Parnell - would stay open for a few weeks while receivers looked at the options.
He said the market for kitchen appliances was "very, very tight and competitive" and large retailers such as Harvey Norman made it difficult for companies the size of Autel to compete.
The economic downturn last year had also taken a toll, with fewer new houses being built and a slow home renovations market.
NZ-owned Autel goes into receivership
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