The receivers of embattled retailer Pumpkin Patch have announced more of its New Zealand and Australian stores will be shut down. A further 68 stores will be closed, including two earthquake damaged stores in the South Island that won't be reopening.
In July 2015, a mystery buyer scooped up struggling womenswear label Shanton and saved it from going under, but it seems this light at the end of the tunnel was an oncoming train.
After the closure of seven stores in New Zealand, Pumpkin Patch’s receivers have announced they’re going to close 27 stores across the Tasman. KordaMentha receivers said the decision to shut down the stores was made to stabilise the wider business and improve the prospects of the chain finding a buyer. Plus: we look at the most likely buyers for the chain.
Retail had another strong year of growth in 2016, but it wasn't all sunshine and daisies. In this column, McGrathNicol partner Conor McElhinney breaks down the winners and losers of the 2016 year in retail - and has a word of caution for those operating in the apparel industry. McGrathNicol recently acted as administrators of Dick Smith and receivers of Wild Pair, Temt, Valleygirl and Identity.
Pumpkin Patch’s 25th year in business will be its last. The listed childrenswear retailer has appointed administrators and it understands its bank has appointed receivers.