Retail Nest collapses

Receivers have been appointed to homeware retailer Nest but the stores are still trading.

A representative from receiver Corporate Finance Ltd was not immediately available for comment but calls to stores were directed to their offices. The Tauranga, Napier and Palmerston North stores, which are franchise operations, are not separately owned.

The Newmarket and Christchurch stores said receivers have been appointed but they are still trading after a stocktake.

Nest operates stores in the three major cities and has franchises operating stores elsewhere, according to its website.

The company is New Zealand owned and started in modest circumstances in 1997.

Owner Pixie McKinnon was quoted last year saying that customers were watching what they were spending and the homeware market at the top end was getting smaller.

The company faced competition from nood, the homeware chain owned by Kathmandu founder Jan Cameron.

Nest has products manufactured under its own brand and is also distributor for other brands.

The business was advertised for sale this morning and the receivers' name was on the advertisement.

- NZPA