Valleygirl New Zealand has appointed administrators in a shock turn of events.
The company, trading as Valleygirl and Temt in New Zealand, has appointed Stewart Free and Andrew Spring from Jirsch Sutherland.
Jirsch Sutherland has concurrently been appointed as joint and several voluntary liquidators of the Australian retail and supply companies.
These are MHN Trading Pty Limited and Hanama Collection Pty Limited, trading as ‘Paper Scissors’ and ‘Chicabooti’ in Australia.
The Australian operations have ceased to trade.
Valleygirl New Zealand operates around 40 stores and is not affiliated with the Australian branch.
Free said the business would continue to trade while a potential purchase is explored.
“The New Zealand operation has suffered as a result of a downturn in trade and problems securing stock leading to difficulties maintaining creditors’ payments, notably to landlords.
“We are currently investigating the best options for preserving the business operations, which include investigating a potential sale of the business, and by virtue trying to ensure that employees are best looked after."