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Ragtrader previously reported on the shock collapse of Valleygirl New Zealand and in this special report editor Assia Benmedjdoub unpacks the facts behind its demise.
The official liquidators report revealed an estimated $5.6 million in unsecured creditors and a $1.5 million debt to secured creditor ANZ Bank. But what led to the fall of Valleygirl and Temt New Zealand?
Ragtrader can reveal the director attributed its collapse to four key factors across 17 Valleygirl and 14 Temt stores.
This included a lack of consistent stock supply from Chinese manufacturers, unfactored exchange rate fluctuations between New Zealand and US dollars, discounted stock losses due to unseasonal weather over 2015/16 and reduced cash flow.
The retailer appointed administrators on July, with a watershed meeting of creditors later placing the retail chain in liquidation.