The company was tipped into receivership by its lenders in October and appointed voluntary administrators after failing to reinvent itself in the face of shrinking sales and too much debt.
The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group.
No price was disclosed for the sale in the statement from Brendon Gibson and Neale Jackson of KordaMentha. In January, the receivers said they had failed to find a buyer for the chain and its stores would be progressively closed.
The company was tipped into receivership by its lenders in October and appointed voluntary administrators after failing to reinvent itself in the face of shrinking sales and too much debt. The receivers wanted to sell the business as a going concern, but couldn't shake out any buyers.
Pumpkin Patch owed its lender ANZ Bank New Zealand $59.5 million as of the date of receivership.
"We are pleased to have been able to successfully complete a transaction that will see the Pumpkin Patch brand resurrected online in both New Zealand and Australia," Gibson said in a statement.
Catch Group chief executive Nati Harpaz said the Pumpkin Patch brand would be relaunched with its offering expanded for "mums, kids and babies."
The buyer operates retailing websites including www.catchoftheday.com.au, www.mumgo.com.au and www.scoopon.com.au.
(BusinessDesk)
