Popular kids brand Pumpkin Patch has been placed in liquidation after the company’s receivers were unable to find a buyer to mop up its $76 million worth of debt.
The companys board appointed McGrathNicol as voluntary administrator and KordaMentha as its receivers last month with the hope the retailer could be saved.
However, after the firms were unable to find a lifeline for the company which employed around 1600 staff employed across New Zealand there was no option but to liquidate, the New Zealand Herald reports.
In the past year, the company which at its height was valued at $790 million, had bled $15.5 million in losses.
Questions are now being asked about how the children’s fashion label could have gone the way of retailers s…
Read the full article at: http://finance.nine.com.au/2016/11/30/14/56/pumpkin-patch-falls-into-liquidation-over-76m-debt