Pumpkin Patch owes ANZ $32m
ANZ has weathered a $32 million loss from the collapse of kids’ clothing retailer Pumpkin Patch.
Receivers Brendon Gibson and Neale Jackson of KordaMentha say in their second report that ANZ has been repaid $22m from Pumpkin Patch Originals Ltd. 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 childrenswear 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.
More than 150 Pumpkin Patch staff received holiday and redundancy pay in May, up to the statutory cap of $22,160 per person.
Pumpkin Patch’s demise was mainly due to global competition and poor online strategy.
The receivers said in December that the group owed almost $60m, chiefly to ANZ.
At its peak, Pumpkin Patch had 250 stores across New Zealand, Australia, Ireland, the United Kingdom and the United States. But expansion into the US and UK failed and the stores closed in 2011.
The company’s Australian entity was under a separate receivership by Kordamentha Australia. –Fairfax NZ