Ten Stax stores go under

Ten stores from the Stax women's clothing chain have gone into the receivership.

About half the chain, those stores owned by Topsco International NZ Ltd are being close, while the rest are unaffected.

Kenneth Brown and Paul Manning of RHB Accountants have been appointed receivers. The Stax website lists 21 stores across New Zealand.

Six Stax stores have already been closed. They are: Bayfair, Lynmall, Botany, Taupo, Glenfield and Newmarket.

Closing down sales will be held this weekend at the stores in Onehunga, Nelson and Hornby.

The receivers are negotiating the sale of the Stax Dunedin store.

Stax's website says it has "no collection to display" under the "Season's Collections" tab. It also says a new website is about to be launched.

NZ HERALD STAFF