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ANZ $32 million out of pocket from Pumpkin Patch collapse
ANZ New Zealand has weathered a $32 million loss from the collapse of childrenswear retailer Pumpkin Patch.
Receivers Brendon Gibson and Neale Jackson of KordaMentha say in their second report that ANZ New Zealand has been repaid $22m from Pumpkin Patch Originals Limited.
But $31.8m was still owed to the bank.
The receivers sold the Pumpkin Patch brand and intellectual property assets to Catch Group, after the children's clothing company went into liquidation on March 7. It was placed in voluntary administration in October.
"Almost all of the group's assets have been realised. Based on those asset realisations, there will be a net shortfall to the bank," the report said.
Read the full article by Rachel Clayton > Business Day - stuff.co.nz