Burger King suffers cash flow issues in New ZealandAs the economic effects of the coronavirus outbreak hit New Zealand, the operators of the country's Burger King restaurants have been placed into bankruptcy proceedings. Also, one of the country's largest media companies has announced plans to shed 200 staff. Company receivers KordaMentha said Tuesday they hope to sell dozens of Burger King restaurants to a new franchise owner and get them reopened after the lockdown ends. NZME, which runs a number of radio stations and newspapers, announced to the New Zealand stock market it is reducing its workforce by 15 percent through layoffs and by not filling vacant positions. Earlier this month, German company Bauer Media announced it was closing its New Zealand operation and would no longer publish many of the country's weekly magazines.-AP.

Source: The Standard April 14, 2020 07:41 UTC