Stuff said he knew his investment was high risk and accepted the consequences. Another, a retired farmer who requested he not be identified, said he had invested $1m and felt sorrier for his partner who had invested all her savings. “It’s a lot of money . I’ll be 80 next birthday,” he said “But we won’t starve.”
JASON DORDAY/Stuff
Vinod Kumar discusses his vision for his Nido homeware and furniture store in 2019. The investor felt he had been given enough information and felt some sympathy for Kumar’s timing. As a new business, he thought it was unlikely Nido had access to wage subsidies.
Abigail Dougherty/Stuff
Failed homeware store Nido will close for good on Sunday. But the project was plagued by construction and funding problems and when the west Auckland store finally opened, incomplete and months behind schedule, trading was hampered by the city’s level 3 lockdowns. The construction company building the 27,000 square metre store, Vijay Holdings, went into liquidation in November. Magsons Hardware, trading as Nido, went into receivership a month later and was placed into liquidation in February. Kumar is the sole director of both companies. The receivers first report showed Nido owed $22.3 million to creditors and staff.
ROB STOCK/Stuff
It was touted as New Zealand's answer to Ikea, but Magsons Hardware - which traded under the Nido brand - has closed for good less than a year after it opened.
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