Leading Australian eCommerce retailer, Catch Group, has successfully bought Pumpkin Patch with plans to relaunch the brand online.
After Pumpkin Patch’s closure last year the outlook was grim for the children’s retailer. Now, with the purchase a new hope has risen as Catch Group plans to relaunch the brand online.
Catch purchased the brand, including its customer database, product designs and trademarks, for an amount understood to be about AU$2 million ($2.17m).
Catch Group, one of the largest eCommerce sites in Australia, is reported to be designing a new Pumpkin Patch range that would be sold online in New Zealand and Australia from mid-year.
The Australian Financial Review reported Catch Group's chief executive Nati Harpaz was also considering launching flagship Pumpkin Patch stores in key locations.
"We will be relaunching this iconic brand with a wide variety of new and much-loved designs," Harpaz said. "We also intend to invest in expanding product lines for mums, kids and babies," he said
Pumpkin Patch's debt to ANZ rose from $NZ39.1 million ($36.4 million) to $NZ46 million in the year to July, and it posted a loss of $NZ15.5 million in the same period.
Spokesman Brendon Gibson said the receiver had wanted to sell the business, which posted a AU$15.5 million loss for the year to June 2015, as a growing concern, but had no option but to liquidate after no serious expressions of interest were put forward.
By February, Pumpkin Patch was no more, leaving its 1600 employees without all the information. The union representing Pumpkin Patch is warning the Catch Group that the brand’s reputation will be further damaged as head office staff are yet to receive redundancy payouts.
When the company closed retail staff were paid out because of how the company was structured, but many former staff in head office went without payments.