The doors closed on men's clothing chain Hugh Wright yesterday after its stores were placed in the hands of receivers at midday.
Hugh Wright, which has 19 stores nationwide, has been a family-owned business since it was founded in 1904 by tailor Hugh Wright. It is now owned by John Wright.
Receiver
Rob Pardington, of Deloitte Touche Tohmatsu, said staff faced an uncertain future.
The stores closed yesterday for stocktaking, although some might reopen if they were considered viable businesses or attracted a buyer.
Pardington said he had received some inquiries about buying parts of the company, although he would not comment further.
This is the first time the menswear company has been in receivership.
Hugh Wright appeared to have difficulty adapting to changing market conditions.
In some cases, the chain had been locked into high-rental, long-term leases, in contrast to a rapid rise in the availability of low-rent stores.
Hugh Wright, best known for its suit-hire and formal-wear businesses, had also lost out to "lifestyle" clothing brands, and chains selling smart casual office-wear.
Pardington said he hoped to have an early indication about the company's position in about a week.
"Some stores may open again, depending on their strength of retail location and the degree of interest in acquiring them."
He would not comment on the value of Hugh Wright's assets, which included clothing, computer systems and vehicles.
According to the company's website, the newly refurbished Queen St outlet in Auckland was the largest menswear store in the country.
- NZPA
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