Pumpkin Patch owes $59.5 million to its bank and at least $6.6m to other creditors, receivers KordaMentha said in their first report on the failed children's clothing retailer.
The company was tipped into receivership by its lenders and appointed voluntary administrators in October after failing to reinvent itself in the face of shrinking sales and too much debt. KordaMentha's Neale Jackson and Brendon Gibson were named receivers.
Pumpkin Patch owed its lender ANZ Bank New Zealand $59.5m as of the date of receivership, the report says, up from $46m at the year ended July 2016. It posted a loss of $15.5m in the same period.
The company has $17.6m in assets, with $13.5m of that from investments, and $3m in fixed assets relating to its head office and distribution centre in East Tamaki, Auckland. The receivers said they will look to sell the fixed assets once they are no longer needed as part of the realisation strategy they've implemented, which involves selling through the existing retail and online channels. Inventory is owned by another company within the group, Pumpkin Patch Originals, which is also in receivership.
Pumpkin Patch has a number of creditors who have registered financing statements under a Purchase Money Security Interest (PMSI), which has priority over other security interests. The receivers said they're in the process of assessing claims from those creditors including ANZ, Cafe Express, Childs Play and Fuji Xerox.
