The company, whose head office is still based in Palmerston North, booked a $10.5m loss in 2019.
In its audit report EY noted a material uncertainty casting doubt on the group's ability to continue as a going concern. This related to Ezibuy's total liabilities exceeding its total assets by $13.4m.
The accounts show total liabilities increased from $48.4m to $67.13m in 2020.
E tū organiser Ruth Sproston told the Herald jobs were at risk as Ezibuy looked to cut costs.
"We can confirm that a proposal has been put to some employees at EziBuy, and they'll now be going through a period of consultation," Sproston said.
A non-union source told the Herald up to 60 jobs were at risk.
Approached for comment, an Ezibuy representative referred the Herald to the company's Australian owners. However, a spokesperson for Mosaic declined to comment, directing the Herald back to Ezibuy in New Zealand.
A note in Ezibuy's financial statements highlighted some strategies the firm had put in place to try to improve profitability.
These included head office, contact centre, distribution centre and store team restructure.
Ezibuy has five stores in New Zealand but is well known as an online catalogue business.
The company was founded in 1978 by Peter and Gerald Gillespie as a small mail order business in Palmerston North, but grew to be the largest multi-channel retailer in Australasia.
Some of EziBuy's women's fashion collection includes labels such as Capture, Emerge and Grace Hill, along with the UK fashion label NEXT and exclusive European Collections.
Mosaic Brands bought its interest in Ezibuy for just $1, with an option to buy the remaining shares by the end of 2020 for $11 million.
