Retailer of Apple products, Renaissance Corp has said that it is planning to close down four out of a total nine retail stores in the country in an effort to revive profitability.

Renaissance, which is based in Christchurch, expects its earnings from the retail unit to fall in the coming year and closing down of the stores is expected help make its remaining stores profitable. The company has closed down Apple reseller stores in Albany, Britomart, Sylvia Parka and Dunedin in an effort to revive its retail business. The company said that its existing stores in Newmarket, Hamilton, Wellington and Christchurch will offer full service to the customers in order to be differentiated from tis rivals in the market.

"In the first instance we have to get retail back to break-even. We do not underestimate the difficulty of that task, but management has a plan and part of that plan was implemented with the closure of four stores," the company said.

The company also prolonged a due diligence process for the education unit, formerly known as Natcoll Design Technology and its board is considering the proposal that was received on 12 July, 2013. The education unit of the company has been reporting earnings but may record lower than expected earnings before interest and tax of $2.4 million.