Dymocks' Wellington bookshop has gone into liquidation, with the recession and an increase in competition being blamed for its demise.
Shareholders of Dymocks' Lambton Quay franchise, owned by Chandler Beck Books, called in the liquidators on Monday. All 12 employees have lost their jobs.
An Auckland franchise in Takapuna closed last Tuesday. Five staff lost their jobs.
Liquidator Andrew Brady says Dymocks had been struggling financially for a few years and the situation worsened in the past six months.
Mr Brady says the economic downturn and an increase in the number of book stores in the area have contributed to the problem. It is too early to say how much the company owes.
However, Australian-based chief executive of the Dymocks Group, Don Grover, says the closures are not reflected in its overall New Zealand trade. He says the high cost of rent at the Wellington store was a factor.
Mr Grover says Dymocks Group is looking for new owners to take over the Takapuna and Wellington franchises.
