TV shopping channel YesShop is shutting down.
Fairfax reported that employees had been told its owner, Yes Retail, had decided to stop trading and their employment was being terminated.
The channel's presenters included television personality Mike Puru.
A letter to Yes Retail staff, published by Fairfax, said the firm had been facing financial difficulties and was dealing with losses of roughly $20 million and a growing number of creditors.
"The directors and senior management have been trying their best to secure funding to cover the significant losses, but a potential lifeline deal has fallen through at the last minute due to events outside the control of the company," it said.
