Rotorua's Valentines Restaurant has gone into liquidation with the loss of 22 jobs.
Liquidator Derek Ah Sam of chartered accountants Rodgers Reidy said the company that owned the franchise went into liquidation on February 16.
According to a liquidators report dated February 23, the business closed due to "the inability to renegotiate a commercially sustainable rental agreement. In addition to this, the company's performance has been declining for a number of years".
The New Zealand Companies Office list the directors of Valentines Rotorua as Rotorua man Kake Kautai and Aucklanders Murray Belcher and Geoffrey MacRae, who were trading under the name Restaurant Investments Management Ltd.
"The liquidators are negotiating the extraction of a number of company assets located in the company's leased premises. The liquidators do not have access to the property at present, but have sought legal advice on the matter.
"The liquidators will undertake a full review of all company records and documentation," the liquidator's report stated," the report stated.
"All employees were terminated by the liquidators upon their appointment. The liquidators are aware of preferential holiday pay claims totalling $14,876.61 to twenty-two employees," the report stated.
The company's last financial statement was dated March 31, 2014.
Valentines' national operations manager Andrew Larsen confirmed the restaurant was closed.
"All the staff wages and holiday fees were paid in full. There has been no disputes regarding the staff and they all left with a positive outcome," he