Pumpkin Patch's receivers KordaMentha have stated in their latest report that the failed childrenswear brand, which was bought in 2016 by Australian e-retailer Catch Group, owed ANZ Bank a whopping $59.5 million, but as of April this year, the company has paid off $29.4 million of their debt.
This leaves the bank with a shortfall of $19.8 million (including accrued interest) which is unlikely to be paid as suggested by the receivers who stated: "there will be a shortfall to the bank". The receivers added that they have paid preferential creditors of the parent company Pumpkin Patch a total of $2.9m, which includes $2.7m owed to employees and $154k owed to the Inland Revenue Department. Another payment of $1.9m to Pumpkin Patch Originals included; $1.46m to employees, $438k to NZ Customs, $48k for PAYE tax, and other minor deductions.
KordaMentha receivers Brendon Gibson and Neale Jackson said in the newest six-month report that while all preferential claims have been paid, there are no funds available to pay unsecured creditors, noting the liquidator is still assessing the number of unsecured claims.
In the end, the beloved brand found itself in falling deeper and deeper into a financial black hole, and with not enough capital in a highly competitive market, they bit the bullet. The brand and intellectual property are still owned by Catch Group today.