Line 7 enters receivership

AUCKLAND, New Zealand, June 29 (UPI) -- The owner of Line 7 took responsibility for the New Zealand sportswear company's demise Monday.

"It's just bloody sad, to be fair, but it's my fault. It's nobody else's," said company owner and director Ross Munro. He said the clothing company, which fell into receivership, did not cut expenses fast enough as the recession worsen, The New Zealand Herald reported Monday.

The company was also overtaken by the fall of the New Zealand dollar. "We just didn't think it would drop as aggressively as it had, so that had a significant impact for this season on our margins," he said.

Line 7, which began as a producer of sailing equipment, is associated with the Emirates Team New Zealand, which competes for the America's Cup. In recent years, it had reached out to other sports, including motor car racing, rowing and rugby.