Business Editor for the NZ Herald

Receivers called into Valleygirl stores

Valleygirl also operates the 'temt' clothing stores and has about 40 stores across the country. Picture / Sarah Ivey
Valleygirl also operates the 'temt' clothing stores and has about 40 stores across the country. Picture / Sarah Ivey

Receivers have been called in to take charge of struggling retailer Valleygirl.

Receiver Conor McElhinney told the Herald this morning that while the nationwide girls clothing chain was still trading, plans were changing "on an hourly-basis".

McElhinney would not reveal the creditor who called him in, nor how much money was owed.

The move comes days after voluntary administrators were appointed to Valleygirl, leaving staff with an uncertain future and fears over unpaid wages.

Valleygirl also operates the 'temt' clothing stores and has about 40 stores across the country.

"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," administrator Stewart Free said earlier this week.

"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," Free said.

That decision on the chain's future, however, is now in the hands of receivers, who trump the administrators.

- NZ Herald

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