The collapse of Pumpkin Patch is likely to see the company's bankers wear more than $30 million in losses, receivers say.
The childrens' clothing retailer, which employed 1500 staff in 166 retail stores across Australasia, collapsed last October. It had earlier made a botched expansion into the United States and Europe on the eve of the global financial crisis.
The latest reports from KordaMentha receivers Brendan Gibson and Neale Jackson, covering four companies that formed the Pumpkin Patch group, said ANZ was owed $59.5m on their appointment.
A sell-down of company assets, including intellectual property that underpinned a company valued at more than $800m at its 2007 peak for around $2m - resulted in repayments reducing the amount owed to $31.8m.
"Almost all of the group's assets have been realised. Based on those asset realisations, there will be a net shortfall to the bank," the report said.
