New Zealand apparel retailer, Postie Plus, has been placed in voluntary administration.

The Auckland-based chain has appointed Colin McCloy and David Bridgman of PwC as administrators.

The business has been struggling for some time, however, the final straw came on Monday when its bankswithdrew their support. Attempts to recapitalise have been unsuccessful.

All 82 NZ stores will continue to trade while administrators will look to sell the business as a going concern.

“Despite restructuring, optimising of the existing DC (distribution centre),and recent improvements to gross margin and market share, the company has continued to make ongoing trading losses,” Postie Plus said.

“The company’s bank has been supportive through this period, but has decided it cannot extend its facilities further to cover ongoing losses.”