Trev Terry Marine Ltd, a retailer and boat repair shop with branches stretching from Auckland to Invercargill, was placed into receivership on February 23.
The Wānaka shop remained open on Thursday afternoon, the only notable change being an A4 sign on the front counter saying the business was in receivership.
Wānaka branch manager Hayden Vaughan only joined the team in January, and said the news had been an unwelcome development in what was currently a "tough industry" to operate within.
"It was a shock, it was a real shock to the system."
He said the bubble the industries for boats and other luxury items had benefited from during Covid had long since burst and many businesses were now facing a "massive downturn".
"I’ve just come from 18 months of repping for a mountain bike company and that industry was hard work."
He said the store had closed for a stocktake on Monday and Tuesday and although it was also struggling with a staffing shortage, it would try to operate under normal trading hours.
"Which may freak people out if they come in and the doors are locked. It’s simply because we’ve got one mechanic in the back working his ass off and he won’t be here in the shop."
Based in Taupo, Trev Terry Marine Ltd owns and operates six branches across the country, including Turangi, Napier and Invercargill.
The company also manages the Auckland showroom of New Zealand boat builder Haines Hunter, a partnership that began in December last year.
It bought the Wānaka store, formerly known as Wanaka Marine & Sport, in 2022.
Trev Terry Marine is listed as an exhibitor at next week’s Wānaka A&P Show.
A representative of the show declined to comment.
Neither Trev Terry Marine co-owner and managing director Brock Terry nor the appointed receiver responded to requests for comment yesterday.
