The Torpedo7 Dunedin store, in 205 Andersons Bay Rd, will officially shut its doors on May 4.
In a statement, Tahua Group Ltd — which owns Torpedo7 along with Burger King and Starbucks in New Zealand — said they would be converting 10 existing stores, including Dunedin’s, into an “off-price retail concept” called The Outlet.
The Outlet would offer “quality brands, products and everyday essentials” and was part of a strategy to build a more resilient and sustainable business model.
Six flagship Torpedo7 stores including those in Christchurch, Queenstown and Remarkables would be exempt, and strengthened alongside the brand’s online presence.
Ngahuia Group, Tahua Group’s retail division, chief executive Lesley Francis-Ziogas confirmed three jobs in Dunedin had been disestablished as a result of the transition to The Outlet.
The Dunedin store originally operated as R&R Sport, which was established in 1981.
Following the acquisition of R&R Sport by The Warehouse Group in December 2013, the store was rebranded as Torpedo7 in October 2014.
Torpedo7 was then sold to Tahua Group for $1 in February last year.
It has been reported The Warehouse Group invested about $52 million in the brand.
The Outlet was expected to open in late May, Ms Francis-Ziogas said.
tim.scott@odt.co.nz
