Warehouse Group, New Zealand's largest retailer, will take over five Auckland store leases and offer employment to staff when Australian discount electrical goods retailer The Good Guys exits the New Zealand market.
Auckland-based Warehouse will take over leases at Albany, Wairau Park, Manukau, Botany and Sylvia Park and utilise the spaces across a mix of its brands which include The Warehouse, Warehouse Stationery, Noel Leeming Group, Torpedo 7 and R&R Sports, Warehouse chief executive Mark Powell said in a statement.
Warehouse said it would offer employment to as many of the Good Guys workers as possible and allow customers to return faulty product through its Noel Leeming appliance stores.
The Australian appliance chain was founded in 1952 and has 97 stores in Australia, according to its website.
The shares rose 0.3 percent to $3.09 today, and have slid 18 percent this year.