If you have spent many a warm day or night thanks to Line 7 wet weather gear, you may want to shed a tear today. The future of the Line 7 Brand of wet weather gear and other clothes for sailors is now in doubt as the company went into receivership yesterday.
The New Zealand owned business, owned by Ross Munro and Marilyn Horne, is very well-known also for dressing Team New Zealand sailors in the America's Cup.
Receivers Grant Graham and Brendon Gibson of KordaMentha were appointed to the business yesterday.
It is not known whom they were appointed by; but Companies Office records show ANZ National Bank is the only bank listed as a Line 7 secured creditor.
Line 7, which was founded in 1963 as a company that made wet weather gear for sailors, has stores or stockists in seven countries. Operating companies in both New Zealand and Australia are equally affected.
Its business is now much broader and includes other sportswear, and casual clothing for men, women and children.
Line 7 makes clothing for the Rugby World Cup, and is the exclusive supplier of clothing to the A1 GP, supplying clothing for all 22 countries that take part.
It is also the official supplier for Rowing NZ; and a sponsor of the Coastal Classic yachting race, the Sir Peter Blake Trust and Yachting New Zealand.
Line 7 has been the clothing brand worn by New Zealand's America's Cup entrants since 1987.
They've also clothed thousands of anonymous sailors who have thanked their long lasting good quality for being dry and comfortable in turbulent weather.
