KMD Brands, the retailer behind Rip Curl and Kathmandu, has been forced to raise money at a steep discount to its share price and will replace its chairman as it attempts to turn around its faltering performance.
Shares in the New Zealand and ASX-listed company had not traded since last week, when it was forced to raise emergency capital. On Tuesday, KMD stated sales had increased 7.3 per cent to $NZ505.4 million ($422 million) in the six months to January 31, but discounting hurt margins, leaving the company with a loss of $NZ13.1 million ($10.9 million) over the first half of the year.
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