Torpedo7 Closes Multiple Stores as Ownership Changes
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- Torpedo7 closing stores in Invercargill, Nelson, Palmeston North, and Porirua.
- The Warehouse Group sells Torpedo7 to Tahua Partners for $1
Update: We reached out to T7 for comment on Thursday afternoon and are yet to hear as at 15/6/2024. Related: Hello, Goodbye to Invers businesses
Torpedo7 is closing at least four stores, including locations in Invercargill and Nelson in the South Island, and Palmerston North and Porirua in the North Island. These stores have posters on their branch information on the main T7 site. These stores have Closing Down Sale 20% Off Everything Instore poster adverts on their store branch information on the Torpedo7 website.
This decision follows the sale of Torpedo7 by The Warehouse Group to Tahua Partners for $1 in March. Related: Laybuy Suspends Services Amid Financial Struggles
The Warehouse Group chief executive Nick Grayston acknowledged at the time of the sale announcement that Torpedo7 has faced ongoing performance challenges, with a significant sales drop of more than 25% in the first quarter. “Lower consumer demand post-Covid, driven in part by a global decline in the bike market, has impacted sales and profitability. 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,” he added.
At the time, Tahua Partners, an Auckland-based company, operates a diverse portfolio of retail and hospitality brands, including Starbucks, Hannah’s Shoes, Burger King, and Number One Shoes. A spokesperson for Tahua Partners said, “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 was completed by the end of March 2024.