The company behind New Zealand's largest furniture and homewares retailer Nido Living has fallen into receivership not long after its building company went into liquidation.
According to the Companies Office, Kare Johnstone of McGrathNicol has been appointed as receiver for Magsons Hardware, the company behind Nido.
The director of Magsons is Vinod Kumar, he is also director of Vijay Holdings, Nido's builder that went into liquidation in November.
Nido is home to a massive 27,000sqm store in West Auckland costing $60 million to build and boasting more than 10,000 product lines.
The store opened amidst the COVID-19 lockdowns, set to rival Swedish furniture giant IKEA.
Nido's General Manager Julian Bottaro said in May they were confident the store would survive despite opening in the midst of a pandemic.
"Even though it's tough times for everyone and with all business gone through a hardship during the lockdown, we're quite optimistic about the range and value of product that we bring."
Nido is set to commence a receivership sale.
