Shanton Fashions has been sold to a mystery buyer who wants to remain confidential.
Shanton's liquidator, Gareth Hoole, said yesterday he did not know how many of the clothing chain's outlets would be kept open by the new buyer.
"I have sold the business and it will continue in the future under the Shanton name, I believe, for the foreseeable future but that's entirely up to the purchaser," Hoole told the Herald.
The buyer had asked for confidentiality, he said.
When the business went into liquidation, it had 18 outlets around the country, though it was unclear how many would stay open with liquidators not intending to trade the business and planning to disclaim store leases to avoid further costs to the company and its creditors.
At the beginning of the year, 155 people worked for the company at 37 stores and up to 70 jobs went under a restructure in March.
Liquidation was recommended by Shanton Fashions' voluntary administrator Bryan Williams who restructured the company, closed 17 stores in March and attempted to find a buyer for the business after his appointment at the start of the year.
However, creditors - owed $7.7 million - voted against this recommendation and the company was handed back to its directors.
Those directors traded the company the best they could but its shareholders put the company into liquidation last month.
Hoole's first report listed Shanton Fashions' liabilities as totalling $7.7 million, close to the level of debt disclosed during the voluntary administration. Meanwhile, a Shanton clothing supplier this month got a $700,000 judgment against the company's two former directors. Mandeep Pala and Inderjit Luthera.
BTC Group - understood to be based in Guangzhou, China - sought summary judgment against the two men, who it said had guaranteed Shanton's obligations in a credit agreement.
The directors had opposed the application and said that BTC was barred from seeking indemnity for any liability because it had arranged with Shanton's administrator to sell goods on its behalf at an undervalue.
But the High Court's Associate Judge Tony Christiansen did not think Pala and Luthera had an arguable defence to BTC's claim. He entered judgment against both of them for a total of US$467,699 ($702,414). BTC, as one of Shanton Fashions' secured creditors, is likely to receive something back from the liquidation.