Help! I am in dire need of advice and really do not know where to turn. In August, 2015, I opened a small retail shop in one of Auckland’s then premier precincts. We are the only shop of it’s kind in NZ and offer quality products that are imported from all around the world and NZ made too. Most are only available in NZ from us. Our brand name is certainly out there and the feedback has been awesome. “What an amazing shop” “Wow, I love **** (product)” “this is as good or better than any other **** shop in the world” Sales however have proved more challenging. The location turned into a retail disaster area. Despite our lease not terminating until Nov, 2020, we took the plunge to move to a new CBD location in Sept, 2019. All indications have been this was the right move and we even started to show a profit. Then – bang. Closed shop, no sales, 40% of our sales come from international and domestic tourists. In order to move, and pay out our old landlord, we had to re-finance (through second tier lender.) The old landlord has refused to negotiate with us. Our new landlord is awesome. We have an online and social media presence, but our product, really, ideally, needs to be fitted. Our finance runs out in a few weeks and with the current state of sales and projected sales I don’t know if we will be able to re-finance. Do we try, do we see if we can sell as a going concern, do we try and find an investor, I am not sure if we will still be viable for the short to medium term? Do we close – in which case I will lose my home as it is held as security against the loan. The finance runs out soon and I really don’t know who to turn to. I have so many questions?
Question submitted 17/04/20 @ 12:29pm