16 Jul 2013

Renaissance blames result on poor retail performance

8:37 am on 16 July 2013

Renaissance Corp is warning of another disappointing result after closing down four of its nine Apple retail stores.

The company closed Yoobee stores in Albany, Britomart, Sylvia Park and Dunedin, blaming its weak result on the poor performance of its retail division.

It says the remaining stores in Newmarket, Hamilton, Wellington, and Christchurch will give it the best chance of returning to profitability.

Renaissance has also been in a drawn out due diligence process with a prospective buyer for its design school.

It says it received a proposal on Friday and is working through the details.