After a fortnight’s uncertainty, the Hamilton-based PC Company says it has ceased trading for good.
A statement from the company two weeks ago said it was closing the doors of its seven retail outlets “temporarily” pending restructuring. A series of statements since then have continued to hold out hope that the company might trade again.
But in a new release this afternoon, managing director Colin Brown says he has given up trying to keep a restructured company going. The statement says Brown has also decided not to place the company in receivership, but to negotiate a “scheme of arrangement” with creditors.
“At this point, our efforts must be to extract maximum value from The PC Company for its creditors,” Brown says. “The advice we have is that receivership might not do this.”
One of those creditors is PC components supplier Ingram Micro, which is owed hundreds of thousands of dollars.
The PC Company was the country’s largest PC assembler, selling more than 20,000 PCs in its busiest year. Brown said in an earlier statement that sales have dived in the past 12 months.