The country's largest alcoholic beverage company is set to sell its retail business.
During the sale process, Liquor King stores will continue to trade as usual. Photo: 123rf
Lion Liquor Retail (LLR), which operates under the better known Liquor King banner, has been part of the Lion New Zealand business for more than 25 years.
Lion NZ country director Craig Baldie said the retail landscape has changed significantly in that time.
"While our strategy has also evolved over time, we see our advantage in our core domain of manufacturing, distributing and marketing of adult beverages, rather than in retailing.
"We have a hardworking and talented LLR team. We have not made this decision lightly and appreciate this creates uncertainty for those involved," he said.
During the sale process, Liquor King stores will continue to trade as usual, but its website will cease trading from the end of this month.
"LLR has been performing well and we believe there will be strong interest in the business based on the current retail market environment.
"LLR has 22 stores in its network following the settlement of the three stores which were recently on the market. We see this as a positive sign for Lion Liquor Retail's future under new ownership," Baldie said.
The sale process is expected to take a number of months.