Shock horror as Renaissance sells Yoobee Retail for... $1

Renaissance has agreed the sale of its Yoobee Apple computer retailing operation, for a measly $1.

Coming just days after the embattled company completed the sale of its Yoobee Design School, Logical Systems Limited will now acquire the assets, fixtures and fittings of the retail business for just $1.

The sale and purchase agreement was executed last night, with a handover expected to be effective on Thursday March 6, 2014.

Upon executing an unconditional sale and purchase agreement, Logical Systems brings into effect the change of ownership to them, with details of the transaction as follows:

Logical Systems will...

- Acquire the inventory less than 60 days old at book value for cash. (~$900,000). If the purchase price exceeds $900,000, an initial payment of $900,000 will be made on completion with the balance to be paid on the date falling 20 business days after completion.

- Hold inventory older than 60 days but still regarded as 'current' to sell on behalf of Renaissance. (~ $250,000.)

- Retain operational employees (~ 42) on terms matching their current terms and assume responsibility for all employee entitlements.

- Take over operating the 5 stores of Yoobee - Newmarket, Hamilton, Wellington and in Christchurch, Blenheim Road and Riccarton Mall. As negotiations over leases have not yet been completed with the landlords of the stores, special arrangement has been made for Logical Systems to run the stores while documentation is completed.

- Renaissance will be responsible for collecting debtors (~$100,000) and paying creditors (~$1m) as at March 5 2014.

LSL was established in 1994 and has become one of the largest Apple systems integrators, selling Apple products and other computer-related products.