Pumpkin Patch goes into receivership

By on October 26, 2016
Pumpkin Patch goes into receivership

Troubled children's clothing retailer Pumpkin Patch has gone into receivership.

The company said it had tried to turn the business around over the past four years, but it had not been able to trade its way out of a mountain of debt of about $48.5 million, at the end of July.

It reported a $20.2m net loss in the year to 31 July, with sales falling 11 percent to $212.4m.

In a written statement, KordaMentha said it had been appointed as receiver for Pumpkin Patch and its subsidiaries.

KordaMentha partner Brendon Gibson said all 160 Pumpkin Patch and Charlie & Me stores in New Zealand and Australia were still open, but some were likely to close within a few weeks.

Read the full article online > Radio New Zealand - radionz.co.nz