Photo: RNZ / Nate McKinnon
The Warehouse Group has received an approach from the company's founder and an Australian private equity firm about potential interest in acquiring its shares.
Sir Stephen Tindall, who started The Warehouse and with the Tindall Foundation remains a majority shareholder, and Adamantem Capital Partners, have made the move.
The group has advised shareholders and stakeholders to not sell their shares while advice is sought from the company's directors.
In a statement it said the approach received did not constitute an offer to acquire the business or shares of the company, and it may not result in any proposal.
It has been a difficult year for The Warehouse Group with the high cost of living and falling consumer demand hitting the retailer hard.
In June, it dropped its full-year earnings outlook to be between 6 percent or 7 percent down on last year's result.
Underlying profit was expected to be in a range of $22 million to $30m, compared to $83.4m in the prior year, excluding the loss from discontinued operations and any potential restructuring costs.
This year, the company has also dealt with the abrupt departure of its chief executive and the sale of its sporting good chain Torpedo7 for $1.
