Tony Caughey: Smith and Caughey's chair on the 'tough' decision to close their Auckland department stores

Flagship Auckland department store Smith and Caughey's will close down next year, after 144 years. This closure comes off the back of a 40 percent drop in revenue drop across their Queen Street and Newmarket stores in the past five years. Chair Tony Caughey says they tried to find a way through the rough patch two years ago - but there was no solution. "We really turned over every stone we could find to see if we could see a way through it. We had independent professional advisors in, we really worked hard to find a solution - we couldn't find one." LISTEN ABOVESee omnystudio.com/listener for privacy information.