Monday 1st August 2016
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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.
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