From this weekend,all stock will go on sale but its online store is already showing significant price drops including a 'nothing over $15' online exclusive section.
Its pre-teen range Urban Angel was also on sale. Pumpkin Patch stores would remain open until the end of the year and it said gift vouchers and credit notes would be honoured only while stock was available.
First Retail managing director Chris Wilkinson said he expected stores to sell quickly.
"It will be good for consumers coming up to Christmas," Wilkinson said.
"I think people are in that buying mode now but many consumers would have realised this was where things were heading anyway and what we do know is that in these kinds of situations the stores do clean out fairly quickly, because people realise it's now or never," he said.
"There will be a certain amount of sentimentality attached to some of the purchases and we will be seeing some of the Pumpkin Patch babies now having their babies so that will be potentially tugging at the heartstrings and stimulating some of the sales as well."
