Retailer PK Furniture - which has close to 150 staff and 17 stores - has gone into receivership.
The company, which advertises itself as New Zealand's lowest-priced furniture retailer, has stores across the North Island.
Receiver Andrew McKay, of BDO, told the Herald the chain employed between 140 and 150 staff and that it would continue to trade.
The receivers were looking for a buyer, he said.
He could not reveal the extent of the chain's debt.
Asked about customers who had orders with the company, McKay said the receivers were working through the legal position.
Some customers, for example, had paid for furniture in full while others had paid in part.
"We're working to get answers...we're working as fast as we can," he said.
PK Furniture is the trading name of Greenmark Wholesaler (NZ), which is directed by Jing Huang, according to Companies Office records.
McKay said the director had asked the bank to appoint receivers, who took over control of the business on May 15.