No buyer for Pumpkin Patch

22 November 2016

No buyer for Pumpkin Patch

The receivers of Pumpkin Patch Limited (In Receivership) have today advised that the sale process has not attracted a potential buyer and therefore, it is no longer viable to trade the business in its current form.

Receiver, Brendon Gibson from KordaMentha said that without a serious expression of interest being received, there was no choice but to sell all stock and wind down the business.

“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,” he said.

Mr Gibson said that while all stores will remain open until at least the end of December, there would be immediate restructuring at head office, resulting in the loss of 63 jobs this week.

“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. We have had approaches from a number of agencies to assist the redundant staff to find alternative employment and ensure they are aware of all support that is available,” he said.

“It is too early to say when individual stores will close. Our current intention is for all stores to remain trading until the end of the year with some continuing on into January as stock diminishes. The liquidation process will likely take until the end of February to complete,” Mr Gibson said.

From this weekend all stock will go on sale.

Gift vouchers will continue to be honoured on a dollar-for-dollar basis. However, that opportunity will only remain available while the current stock is being sold.

The receivers noted they have received interest for the Pumpkin Patch brand and would now run a process to optimise the value of that asset.

[ENDS]

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