Childrens' retailer Pumpkin Patch may be given a lifeline with reports it may be bought by Australian eCommerce business Catch Group.
The Australian Financial Review (AFR) is reporting that rich listers Gabby and Hezi Leibovich, the founders of Catch Group, have been looking at several collapsed clothing retailers including Marcs and David Lawrence, but have settled on Pumpkin Patch.
The article reported a deal may be imminent.
Pumpkin Patch went into receivership in October owing $76 million.
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Receivers from the firm KordaMentha had tried to sell the business as a going concern but had no option to liquidate after it received no serious expressions of interest.
At the time, spokesperson for the receivers Brendan Gibson said there was potential to sell the Pumpkin Patch name.
According to its website, Catch Group is one of Australia's leading online retailers and has been in business for ten years.
The move has been done before with other legacy retailers, including most recently with electronics brand Dick Smith.
When the business went into administration last year, Australian online department store Kogan bought the brand and customer base for A$2.6 million ($2.84m).
Kogan relaunched the business as an online-only business later in the year and in the first two months that it was operating, the brand made A$6.5m in sales.
While Dick Smith had an almost 50 year legacy, Pumpkin Patch which was founded in 1990, also has a lot of brand loyalty and history and the purchase of its name and intellectual property was still an option.