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  • Another icon fails

    Line7 just gone into receivership.

  • #2
    Right, that's pretty serious. They're pretty well established.
    Squadly dinky do!

    Comment


    • #3
      Very sad. If your turnover is dropping often nothing can save you. Contracting economies suck, especially if you're a manufacturer!!

      Comment


      • #4
        Where's that being reported Dean? That's a real downer!!

        CT

        Comment


        • #5
          May not be reported yet. Mate of mine works there.

          Comment


          • #6
            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

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            • #7
              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
              SEARCH PropertyTalk, About PropertyTalk

              BusinessBlogs - the best business articles are found here

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              • #8
                Receivers:
                Kordamentha
                c/- Brendon James
                Appointed 29.6.09.
                Source: Companies office site.
                OllyN [email protected]
                Independent Property Consultant
                Residential and Commercial Solutions

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                • #9
                  Can't say I'm surprised... very niche market, stuck in one style and expensive.
                  You can find me at: Energise Web Design

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                  • #10
                    Originally posted by CycleTrader View Post
                    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

                    Comment


                    • #11
                      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
                      SEARCH PropertyTalk, About PropertyTalk

                      BusinessBlogs - the best business articles are found here

                      Comment


                      • #12
                        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".
                        You can find me at: Energise Web Design

                        Comment


                        • #13
                          Hard times in the rag trade, Pumpkin Patch to close 20 US stores:

                          http://www.nzherald.co.nz/business/n...ectid=10581592
                          Squadly dinky do!

                          Comment


                          • #14
                            Originally posted by drelly View Post
                            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....
                            Jo Birch
                            Looking for someone to manage your next project or event? Then call now!
                            +61 450 148 678

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                            • #15
                              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
                              Premium Villa Holidays in Turkey

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