Pumpkin Patch was worth NZ$830M — then no one wanted its 180 stores

Pumpkin Patch was founded in 1990 by Sally Synott in New Zealand as a mail-order catalogue selling high-quality children's clothing. It grew rapidly into a retail chain, opening over 180 stores across Australia, New Zealand, Asia, the Middle East, South Africa, the United Kingdom, and the United States. At its peak, the company was valued at over NZ$830 million and employed more than 2,000 people.

The decline was driven by competition from cheaper retailers, particularly Kmart Australia, which offered comparable children's clothing at much lower prices. Pumpkin Patch was described by analysts as 'antiquated and not value-for-money,' with customers unwilling to pay a premium for the brand. Its aggressive international expansion added complexity without delivering returns. Restructuring efforts were 'too little, too late.'

In October 2016, ANZ Bank placed the company into receivership. Pumpkin Patch had NZ$76 million in debt and had posted a NZ$15.5 million loss. Receivers immediately closed 59 stores. After a three-month fire sale failed to attract a buyer for the physical chain, all remaining stores were closed by February 2017. The brand was later sold to Catch Group and relaunched as an online-only retailer. The physical retail business that had taken 26 years to build was gone in four months.