New Zealand menswear retailer Meccano is in $5.8 million in the red, liquidator reports reveal.
The chain, which operated 12 retail stores throughout New Zealand and an eCommerce site, was placed into liquidation last month.
The majority of debt is to unsecured creditors worth a total of $5.1 million, with $2.5 million to suppliers and trade.
De Vere Investments, which also owns Ruby, Modern Manners and Liam, purchased the business in 2016.
Meccano clocked just three months of profitability after the acquisition, with onerous leases among the culprits.
Meccano had its head office in Auckland, with stores in Auckland, Hamilton, Mt Maunganui, Christchurch and Dunedin.