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.
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Nido property up for mortgagee sale, third blow for NZ s biggest homewear retailer nzherald.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nzherald.co.nz Daily Mail and Mail on Sunday newspapers.
Nido receiver approached 50-plus would-be buyers - but not Ikea
24 Feb, 2021 03:00 AM
5 minutes to read
A receiver of New Zealand s biggest homeware store has revealed how hard her firm tried to sell the business as a going concern, including approaching more than 50 would-be buyers. But in the end, attempts to sell the 100-showroom Nido came to nothing and yesterday it was announced that all stock in Henderson s store would be sold in the next two to three weeks and the shop shut.
Kare Johnstone of McGrathNicoll said her practice had approached more than 50 parties in a last-ditch attempt to sell the business, whose name is Italian for nest.
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.