SCY Chart

[winner69]

Thanks CD for putting all that together

Been lots of transformation, resetting etc hasn’t there but I think think the realisation has hit them that it’s a viable business model at the moment.

One sad story you’ve outlined.

[CD_CHCH]

As previously advised to the market Smiths City (NZX.SCY) has been undertaking a restructuring process. Smiths City can now advise that the following stores will close in the coming weeks:

• Mount Wellington
• Kapiti
• Porirua
• Whangarei
• Invercargill clearance centre
• Lower Hutt
• Christchurch outlet

The company is still negotiating new lease terms for other stores and will advise of any other store closures when the negotiations are concluded.
Smiths City expects to provide an update on the proposed sale soon.

https://www.nzx.com/announcements/353543

[CD_CHCH]

Smiths City names 'turnaround specialist' Roy Campbell as CEO - April 2015

https://www.nbr.co.nz/article/smiths...-ceo-bd-171399

Roy Campbell

CEO

Smiths City Group.

May 2015 – Present 5 years 1 month

Christchurch, New Zealand

I was recruited to give this NZX listed, troubled national retailer a last bid at profitability. Over my 5 year tenure I comprehensively restructured the business. I Introduced a customer centric focus, shed costs, united the retail team, recruited rising stars from within the NZ retail market and implemented significant innovation strategies to maximise the ROI for as long as possible. The first three years saw a significant shift in brand awareness, purchasing capability, balance sheet improvement and positive culture shift. SCG grew its store numbers, rebranded its major stores, implemented a smarter purchasing scheme and focussed on the NZ consumer. The close of my tenure was due to the selling of the business.

https://nz.linkedin.com/in/roycampbell

[winner69]

Roy Campbell

CEO

Smiths City Group.

May 2015 – Present 5 years 1 month

Christchurch, New Zealand

I was recruited to give this NZX listed, troubled national retailer a last bid at profitability. Over my 5 year tenure I comprehensively restructured the business. I Introduced a customer centric focus, shed costs, united the retail team, recruited rising stars from within the NZ retail market and implemented significant innovation strategies to maximise the ROI for as long as possible. The first three years saw a significant shift in brand awareness, purchasing capability, balance sheet improvement and positive culture shift. SCG grew its store numbers, rebranded its major stores, implemented a smarter purchasing scheme and focussed on the NZ consumer. The close of my tenure was due to the selling of the business.

https://nz.linkedin.com/in/roycampbell

He gone? Or about to?

Did a sterling job that guy ....well done

[CD_CHCH]

Smiths City enters receivership at Board’s invitation

Smiths City enters receivership at Board’s invitation
Appointment of receivers follows an agreement to sell stores and Smiths City Finance to Polar Capital

Smiths City (NZX.SCY) today announces it has invited its largest secured creditor ASB to appoint receivers to Smiths City Group Limited and Smiths City (Southern) Limited (“the Companies”). As a result, Colin Gower and Diana Matchett of BDO Christchurch and Andrew Bethell of BDO Auckland have been appointed as the Joint Receivers and Managers of the Companies.
The appointment of the Receivers follows the conditional agreement announced to the NZX on Monday 18 May 2020 to sell all of Smiths City Finance and most of Smiths City’s stores to Polar Capital, a business owned by Colin Neal, founder of the refrigerated logistics company Big Chill. It also follows Polar Capital’s confirmation on Wednesday 20 May 2020 that it had secured ongoing funding for the assets it intends to acquire.
Rather than putting the sale of the assets to Polar Capital to a shareholder vote, Directors sought to appoint receivers for the following reasons:
• Smiths City’s shareholders’ approval was the only condition outstanding.
• Smiths City’s ordinary shares will retain no value following the sale .
• Further delay risked jeopardising the completion of the sale and a reduction in the amount available to secured and unsecured creditors. The business cannot function without the confidence of suppliers and customers.
• A receivership would ensure the timely and orderly transition of the assets to Polar Capital, protect their value and the jobs of the approximately 350 people expected to transition to the new owners with the sale.
• The Board considered an insolvency process was inevitable. If shareholders rejected the transaction, the Board would have requested that Receivers be appointed as the financial position of the company was not sustainable.
In the knowledge that shareholder value was extinguished, the Board’s duty became to preserve as much value as possible for creditors. The appointment of Receivers today was necessary to fulfil that duty.
Immediately on appointment the receivers waived the remaining condition and settled the sale.
All stores are open as usual today. As advised to the market earlier today, Smiths City will close seven stores as the result of a restructure. Those stores: Mount Wellington, Porirua, Lower Hutt, Kapiti, Whangarei stores, the Invercargill clearance centre and the Christchurch outlet store, are expected to be closed in the coming weeks.
The Receivers’ first report on the state of affairs with respect to the property in receivership will be prepared no later than two months after their appointment.

Smiths City Chair Alastair Kerr said: “While the outcome is disappointing for shareholders, we are pleased to have been able to take steps to protect Smiths City’s legacy and the hundreds of jobs that will transition to the new business. The Board will now work to ensure an orderly transition of Smiths City Group to the Receivers.”
Polar Capital’s Colin Neal said: “Smiths City today opens a new chapter in its more than 100-year history of serving heartland New Zealand. All the stores we have acquired will be open for trading today, doing what they do best: offering great quality products, excellent value and no-nonsense service.
“Commitments made to customers will be unaffected by the receivership and the sale. If, customers have paid for a product they will get the product. I am looking forward to working with Smiths City’s people and the communities in which we operate to build on the company’s position at the heart of New Zealand retailing.”
The Board is also sending the enclosed letter to shareholders today to give further background on why this course of action has been necessary.

https://www.nzx.com/announcements/353582

[dubya]

Roy Campbell

CEO

Smiths City Group.

May 2015 – Present 5 years 1 month

Christchurch, New Zealand

I was recruited to give this NZX listed, troubled national retailer a last bid at profitability. Over my 5 year tenure I comprehensively restructured the business. I Introduced a customer centric focus, shed costs, united the retail team, recruited rising stars from within the NZ retail market and implemented significant innovation strategies to maximise the ROI for as long as possible. The first three years saw a significant shift in brand awareness, purchasing capability, balance sheet improvement and positive culture shift. SCG grew its store numbers, rebranded its major stores, implemented a smarter purchasing scheme and focussed on the NZ consumer. The close of my tenure was due to the selling of the business.

https://nz.linkedin.com/in/roycampbell

He gone? Or about to?

Did a sterling job that guy ....well done

I wonder if the head trougher (salary last annual report $520,000-530,000) will be keeping their job?

I guess my question from yesterday has now been answered lol. Yes.....sterling service indeed @ approx $10,000 pay per week. Thanks for coming Roy.

[winner69]

At least Alistair sent his kind regards to shareholders

[blackcap]

Roy Campbell

CEO

Smiths City Group.

May 2015 – Present 5 years 1 month

Christchurch, New Zealand

. The close of my tenure was due to the selling of the business.

https://nz.linkedin.com/in/roycampbell

Should be a politician. Sounds deluded to me.

[winner69]

History repeats itself

Smiths City went into receivership some 39 years ago.

Came out of receivership 3 years later

[Southern Lad]

There is no prospect of the second leg of history repeating itself this time!