PK Furniture has been sold and its former owner owes creditors $22 million.
The company which ran the North Island furniture chain went into receivership in May and the business continued to trade while a buyer was sought.
Co-receiver Andrew McKay on Friday released his first report on the company, which is called Greenmark Wholesaler (NZ).
The report says the Greenmark's assets have been sold but does not reveal a sale price for the business. The sale proceeds have not yet been realised, the report said.
PK Furniture is now run by a newly-incorporated firm called Highbury Group, directed by Auckland man Stephen Salmon.