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Pumpkin Patch enters receivership

26 October 2016

Pumpkin Patch enters receivership

KordaMentha partners, Brendon Gibson and Neale Jackson, have today been appointed as Receivers to children’s clothing retailer, Pumpkin Patch Limited (NZX: PPL) and its subsidiaries.

In Australia, KordaMentha partners Craig Shepard and David Winterbottom have been appointed as Receivers of the Australian assets. This follows the appointment of McGrathNicol partners, Andrew Grenfell and Conor McElhinney, as Voluntary Administrators by the Pumpkin Patch Board earlier today.

Receiver, Brendon Gibson said at this stage all Pumpkin Patch stores in both New Zealand and Australia would remain open in receivership.

“A number of parties have already expressed interest in the business. Our hope is that new owners can be found to build on Pumpkin Patch’s heritage as an iconic brand in New Zealand and Australia,” he said.

However, he noted that some stores were likely to close within weeks.

“Prior to the receivership, Pumpkin Patch had already announced that it planned to close further stores over the next two to three years. Some of these have already closed and this programme will now accelerate for some stores across Australasia in an effort to improve the salability and viability of the business. Sadly, this will result in some job losses and we will be communicating directly with the staff concerned as soon as possible”.

“Having just been appointed, we are working closely with the management team to quickly establish a way forward for the business and to provide certainty for staff, creditors, customers and shareholders.

“This process is likely to take some weeks. We will communicate with all affected parties directly and make further public announcements when appropriate,” Mr Gibson said.

The Receivers note that allowance has also been made for the interests of customers with unused gift vouchers: Pumpkin Patch and Charlie & Me gift vouchers will be honoured on a dollar-for-dollar basis. For example, a $40 purchase can be paid for with a $20 gift voucher and $20 cash.

Pumpkin Patch is headquartered in New Zealand where it has approximately 600 staff nationwide across 43 stores, as well as wholesale and online businesses. In Australia, there are approximately 1,000 staff and 117 stores operating under the Pumpkin Patch and Charlie & Me brands.

[ENDS]


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