1506405312530 - Discount store chain goes into liquidation

Discount store chain goes into liquidation

Discount store chain 123 Mart Limited has gone into liquidation after failing to pay tax debt.

Jared Booth and Tony Maginness from Staples Rodway have been appointed liquidators.

The company owns 60 stores throughout New Zealand.

Booth said the liquidators were in discussions and negotiations with a number of different parties over the potential sale of a number of stores.

* The 123 Mart found guilty on 17 charges of unsafe toys and clothing
* Commerce Commission safety charges for 123 Mart toys

“The company was placed into liquidation by its shareholders following recovery proceedings by the Inland Revenue Department for unpaid tax debts,” he said.

“No further information is provided at this time on the basis that it may be prejudicial to the realisation of assets.”

The announcement comes after 123 Mart was found guilty by the Commerce Commission for selling choking hazards in its stores earlier this year.

Judge Rob Ronayne found 123 Mart sold about 9000 of seven types of toys with small parts that were choking hazards for young children.

The 123 Mart was opened in 1995 by Joseph Choi and operated under four different brands, including The 123 Mart, Dollar Store 123, King Dollar Store and Max!Out.

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