Children’s clothing brand Pumpkin Patch collapses into receivership after finding “no solution” to its multimillion-dollar debts

Embattled children’s retailer Pumpkin Patch has collapsed, with receivers appointed for the company and its subsidiaries yesterday.

Last week the business, listed on the New Zealand stock exchange, entered a trading halt while it started conversations with stakeholders about how to proceed with its $NZ46 million ($40.7 million) in debts, with a meeting with its bank scheduled for October 31.

In a statement to the market on Friday, October 21, chairman Peter Schuyt and managing director Luke Bunt said the company’s “ability to move forward from here is impacted by the lack of available capital for debt reduction and reinvestment”.