Pumpkin Patch sale bid fails
Pumpkin Patch receivers have found no buyer, and say there is no choice but to sell all the stock and wind down the business.
All stores will remain open until at least the end of December, but an immediate head office restructure would mean 63 jobs lost this week, said receiver Brendon Gibson from KordaMentha.
From this weekend, all stock will go on sale. Vouchers will be honoured, but only while the current stock is being sold, he said.
’’Our focus since Pumpkin Patch entered receivership in October was to sell the business as a going concern. Unfortunately, while the brand is attractive, the business itself ultimately drew no interest at the conclusion of the sale process.
‘‘We now move to the next phase of receivership which is to sell off all stock and begin to wind down the business. This decision has not been made lightly and we acknowledge it will come as a blow to staff,’’ Gibson said.
‘‘Regrettably, we have had to advise a number of staff at head office that their jobs will be going. They have been given access to EAP support services and will receive their holiday pay and outstanding wages.
The liquidation process would probably take until the end of February.
The receivers had received interest for the Pumpkin Patch brand.