Ngai Tahu is quitting its nationwide fish retail chain as part of its strategy to focus on its areas of competence.
Its Pacific Catch store in Christchurch has closed, its Auckland waterfront store has been sold, and the sale of its Wellington operation is pending.
Ngai Tahu Holdings Corporation's new chairman, Trevor Burt, says it made sense to exit the business so it could focus on its core operation.
Mr Burt says Ngati Tahu's seafood operations have been affected by currency movements but good performance in its property and tourism businesses mean the 2009 results will show a profit.
For the first time a separate board has been appointed for Ngai Tahu Seafoods, chaired by former Sealord chief executive Brian Rhoades.
New team
Trevor Burt, a former executive with multinational gas giant BOC Group, has taken over the corporation's top governance role, after months of uncertainty.
Former chairman Wally Stone was sacked earlier this year in the wake of an escalating row with the head of the tribe's runanga, Mark Solomon.
Mr Burt also serves on the boards of the Lyttelton port company, Silver Fern Farms and Canterbury lines company Mainpower.
Greg Campbell, the head of waste firm Transpacific Industries Australasia, has been hired as chief executive and will start in November.
Ngai Tahu Holdings has $600 million of assets under its control.
