PHOTO: Torpedo7
Torpedo7 to Close Stores in Major Restructuring Following $1 Sale to Tahua Partners
Torpedo7 is set to close at least four of its stores across New Zealand, with locations in Invercargill, Nelson, Palmerston North, and Porirua marked for closure. The closures are advertised on the Torpedo7 website, which features “Closing Down Sale: 20% Off Everything Instore” banners for these branches.
This move comes in the wake of The Warehouse Group’s decision to sell Torpedo7 to Tahua Partners for a nominal sum of $1 in March. This sale was part of a broader strategy to address ongoing performance issues within the Torpedo7 brand. According to Nick Grayston, CEO of The Warehouse Group, the brand has struggled with a significant sales decline of over 25% in the first quarter, exacerbated by lower consumer demand post-Covid and a global downturn in the bike market. “We’ve decided it’s time to draw a line under it and we have found an owner who can focus more attention to its turnaround,” Grayston stated.
Tahua Partners, an Auckland-based company, owns a variety of retail and hospitality brands including Starbucks, Hannah’s Shoes, Burger King, and Number One Shoes. A spokesperson for Tahua Partners expressed optimism about the acquisition, saying, “As a 100 percent Kiwi-owned and operated business with a passion for retail and hospitality, we believe Torpedo7 complements our family of well-loved global and local brands.”
The sale to Tahua Partners was finalized by the end of March 2024. As of June 15, 2024, Torpedo7 has not yet provided additional comments on the store closures.