10 Feb 2010

Losses push Renaissance into banking breach

6:09 am on 10 February 2010

Renaissance Corporation, which owns Apple reseller Magnum Mac, lost $2.7 million in the 2009 financial year and says it is in breach of its banking covenants.

The company says sales were severely hit by the recession.

Renaissance had to write of more than $3.4 million in one off expenses, stock losses and goodwill impairment charges.

New chief executive Richard Webb has reviewed the whole business and is recommending a shakeup of the business to lift revenue growth.

He says more details will be issued in the company's annual report due in March.