Another icon fails

[[email protected]]

Line7 just gone into receivership.

[Davo36]

Right, that's pretty serious. They're pretty well established.

[[email protected]]

Very sad. If your turnover is dropping often nothing can save you. Contracting economies suck, especially if you're a manufacturer!!

[CycleTrader]

Where's that being reported Dean? That's a real downer!!

CT

[[email protected]]

May not be reported yet. Mate of mine works there.

[CycleTrader]

Bummer - just had a look at their web - been around since 1963. Hopefully someone (half decent) will buy the brand and kep it alive but you've still got to feel for the people who'll now lose their jobs and who must feel completely helpless.

CT

[donna]

Maybe the Gov't will come to their aid?

I can't say I have ever bought any Line7 gear. Though it looks good - for the sporty look and would be well made etc.

Cheers,

Donna

[OllyN]

Receivers:
Kordamentha
c/- Brendon James
Appointed 29.6.09.
Source: Companies office site.

[drelly]

Can't say I'm surprised... very niche market, stuck in one style and expensive.

[CJ]

Bummer - just had a look at their web - been around since 1963.

It had already gone into receivership 19 years ago and got bought out. Seemed to be running well as it was expanding (they hvae their own stores which is a reasonable recent thing (last 5 odd years) and they seem to sponser ever NZ outdoor sport!)

Drelly - agree with your comments. Never owned any of their stuff

[donna]

News article on NZ Herald

The business might be sold as a going concern, Mr Graham said.


"We'll look at the prospect of that. It's an iconic brand, and I would suspect there'll be real interest in that. Whether it would continue with the retail footprint, I'm not so sure.


"But I doubt if New Zealand's seen the last of the Line 7 brand."
Line 7 has been involved in numerous major sporting events.
It has been connected with the America's Cup since 1995, won a coveted merchandising agreement for the Sydney Olympics, and was involved in the Rugby World Cup in 2003.

Cheers,

Donna

[drelly]

Isn't it irritating how the Herald headline blames the "Recession and low dollar". Historically, the dollar is high right now, so that part of it is rubbish. The owner even says that there's no one to blame but himself! They didn't hedge on currency and "failed to read the market".

[Davo36]

Hard times in the rag trade, Pumpkin Patch to close 20 US stores:

http://www.nzherald.co.nz/business/n...ectid=10581592

[Heg]

Can't say I'm surprised... very niche market, stuck in one style and expensive.

I agree. An outlet recently opened in the mall in Milford. A lot of what I would call 'American retired persons cruise wear'. Guess the outlet will be closing down now....

[revdev]

Line 7, followed closely by Pacific Brands...on the back of Lane Walker Rudkin.

All NZ companies folding up, laying off staff as this "downturn" keeps on slowly tightening the noose.

This isn't about "days to sell" or "lack of housing stock" or "low interest rates"...it's about real people trying to hang on to their jobs, their home, feed their families or pay the rent.

IMHO, still a long way for this to unwind. Cash and cashflow people.

G