Shirtmaker Nicholas Jermyn placed into liquidation

New Zealand retailer Nicholas Jermyn, which specialised in business attire and accessories, was family run for 10 years. Photo / iStock

Retailer of business shirts Nicholas Jermyn has been placed into liquidation, with administrators saying workplaces becoming less formal and increased competition from online retailers led to its demise.

The 10-year-old New Zealand retailer was in the hands of voluntary administrators since May when it shut two stores.

At a meeting of creditors yesterday PwC, the administrators, recommended that the company be placed into liquidation.

The company had nine retail stores and an online store and employed approximately 40 people.

Founder Nick Harris told customers about the liquidation in an email.

"We are a small family-run business that for the past 10-years has been proud to be of service to you.

"We fought tenaciously to keep operating, not least because of our loyal customers. Ultimately, however, we couldn't make it through," the email said.

PwC's report said revenue dropped from $4.2 million in 2014 to $3.8m in 2016 and made a loss of $206,000 in 2016 after recording a profit of $80,000 in 2014.

The corporate workplace was becoming less formal and the demand for business shirts and suits had softened, the report said.

Increased competition from online retailers and local shops also contributed to the drop in revenue.

During the administration period a number of New Zealand and offshore parties expressed interest in buying all or part of the business. Discussion were held, but no sale could be negotiated.