All Valleygirl and TEMT fashion stores close, bar Queen Street

The receivers appointed to the Valleygirl and TEMT fashion stores in New Zealand have closed all bar one store, on Queen Street in Auckland. 

The chain previously had 31 stores across the country, with around 160 workers. It went into voluntary administration on July 22, with receivers McGrathNicol appointed on July 26. 

In a statement, receiver Conor McElhinney said, "the company is unable to continue to trade due to its financial position and stock levels." The failure is being blamed on poor trading by its related Australian retailers, Paper Scissors, and Chicabooti, with which Valleygirl and TEMT shared suppliers. When the Australian businesses failed, Valleygirl and TEMT could no longer secure stock to sell. 

All staff have been paid for the period from July 22 to July 26 when the company was in voluntary administration.

BusinessDesk.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

GEN - Completion of Purchase of Premium Funding Business
Fletcher Building Announces Executive Appointment
WCO - Director independence determination
AIA - welcomes Ngahuia Leighton as 'Future Director'
Mercury announces Executive team changes
Fonterra launches Retail Bond Offer
October 29th Morning Report
BIF adds Zincovery to its investment portfolio
General Capital Resignation of Director
General Capital subsidiary General Finance update