Nido, New Zealand's biggest homeware store, has announced it will shut after attempts to find buyers failed. "The intention is to trade the Nido store for approximately a further two to three weeks and sell the remaining stock at significant discounts. The closing-down sale has commenced with immediate effect and separate advertising with further details for customers will follow shortly and be provided throughout the closing-down period. Vinod Kumar of Lynfield is a director of Magsons and Vijay and he founded the Nido concept, set to rival Ikea as this country's largest homeware store. Retired farmers contributed some of the $59m poured into a proportional share ownership scheme to buy the homeware store.

Source: New Zealand Herald February 22, 2021 21:50 UTC