Kirkcaldie and Stains shareholders will get one last payout, with final legal approval given for winding up the iconic Wellington retailer.
Kirkcaldie & Stains Photo: SUPPLIED
The High Court has agreed the company can pay out $19.3 million to shareholders.
It will pay $2.36 a share and cancel four of every five shares currently held.
The cash payout will occur in early March.
After that, Kirkcaldie and Stains will be a shell company sitting on the stock exchange waiting to be taken over by someone wanting a backdoor listing.
Current shareholders will have a stake in proportion to their current holding.
The 152-year-old department store shut its doors in January, and the building is being refurbished to become New Zealand's first David Jones department store.
