Rotorua's Hell Pizza Rotovegas has gone into liquidation and closed its doors, although hopes it will reopen under a new owner are high.
The fast food outlet at the top of Tutanekai St is closed, with a sign on the door saying it is shut for renovations.
However, John Price of HPL
Partners, has confirmed he has been appointed as liquidator.
He said the local franchise was insolvent and had gone into voluntary liquidation, but the parent company was in negotiations for a new franchisee to take over the premises.
The assets will be advertised for sale, as required by the Companies Act, to cover creditor claims, which Mr Price said were expected to be "significantly more than $150,000".
"But we hope to put together a package for somebody to buy the franchise and assets together, and commence trading. As the liquidator, I am trying to push a sale through as soon as possible - hopefully within two to three weeks."
Mr Price said, to his knowledge, staff had been paid, except for holiday pay.
This would not be settled until the asset sale was completed and he knew how much money was available to pay the company's debts.
The franchise owners could not be contacted for comment and Hell Pizza has not responded to inquiries from The Daily Post.
