Masterton's Shanton store will be unaffected by the receivership of Shanton Retail Limited.
The business went into receivership on Tuesday following a period of "difficult trading conditions," according to receiver Anthony Harris.
There have been several parties interested in buying the business throughout 2012.
The business will continue to trade, pending completion of a going-concern sale, and employees have been offered re-employment by the receiver. They would receive all outstanding wages within a week and were expected to receive their full holiday pay.
Customer entitlements such as gift vouchers, credits or refunds, or layby will be honoured in full.
