CLOSED: Massive clothing chain shuts down for good

PUMPKIN Patch hasn't been able to dodge the receiver's axe, with the children's store closing its doors after the demise of the business.

Initially it was hoped some stores would remain open, however New Zealand-based receivers Korda Mentha announced all Pumpkin Patch stores would shut.

Pumpkin Patch in Grand Central has closed.
Pumpkin Patch in Grand Central has closed.

The closure comes after receivers couldn't find a buyer for the failed children's wear chain, which traded through the busy holiday period with up to 70% off.

Stores in Mackay, Coffs Harbour, Kawana Waters and Tamworth stores shut earlier this month with all other Pumpkin Patch stores closing by mid-February.

Sixty-eight stores employing 560 people will close by January 31 and the remaining 56 stores across New Zealand and Australia will shut when stock is sold.
 

 


The company was tipped into receivership by its lenders last November and appointed voluntary administrators after failing to reinvent itself in the face of shrinking sales and too much debt.

Shortly before this, the retailer said there was virtually no value left in its equity after talks with its lender ANZ Bank New Zealand fell through.

Pumpkin Patch owed its lender ANZ Bank New Zealand $56.6 million when it went into receivership in November last year.



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