Wellington, Jan 19 NZPA - Christchurch cycle shop BikeHQ is in liquidation after a year in which the drop in sales was described by director Ian Methven as "unprecedented".

The company was placed into liquidation by shareholder resolution on Wednesday, The Press newspaper reported.

Mr Methven, who has been selling bikes in Christchurch for more than 20 years, said the high-end market focus of the Christchurch BikeHQ store might have made it particularly vulnerable to the recession.

"The top-end of bikes, over $3000, stopped immediately," he said.

Meanwhile, Mitre 10 Group said three of its Wellington stores in receivership were trading profitably, but the owner's investments outside of his Mitre 10 interests were behind the collapse, The New Zealand Herald reported.

The Crofton Downs, Rongotai and Tory St stores continue to trade, and the receiver is marketing them for sale individually or as a group. All Mitre 10 stores are owner-operated.