Family-run New Zealand shirt-making business Nicholas Jermyn has been placed into liquidation it announced on Wednesday morning.
"We are a small family-run business that for the past 10-years has been proud to be of service to you," founder Nick Harris wrote in an email to customers. "We fought tenaciously to keep operating, not least because of our loyal customers. Ultimately, however, we couldn’t make it through."
He said the Auckland, Wellington, Christchurch and online stores are remaining open for business for now.
A report by administrators PwC show the company dropped from profits of $80,000 in 2014 to a loss of $206,000 in 2016.
Sales also dropped from $4.2 million to $3.8 million across the period.
The PwC report sighted increased competition, online shopping and the decreasing formality of workplaces for the decline.
From October 1, the first phase of the new 'Netflix tax' - GST for online purchases - will begin. It is aimed at purchases of digital goods, but the tax will soon apply to other goods bought online.
Nicholas Jermyn operates nine stores across the country employing approximately 40 staff.
Newshub.
