A trio of Asian supermarkets and retail stores operating in New Zealand – Acecco, Miniso, and Yoyoso – have recently entered into liquidation. The operating company, ANCZ Limited, owes over $6 million (US$3.5 million).
Details of the Liquidation
On December 17, ANCZ Limited, previously known as Yoyoso NZ Limited, found itself in receivership and liquidation, according to an announcement in the New Zealand Gazette. Additionally, 23 companies related to ANCZ Limited were placed into liquidation by the main company’s receivers on December 22.
The conglomerate of companies is headed by Auckland-based director Lin Liu, and includes entities managing the Acecco, Miniso, and Yoyoso outlets, primarily in Auckland.
About the Companies
Yoyoso deals in Korean-style fast fashion and home and lifestyle products. Acecco is known for Asian groceries and culinary items, while Miniso specializes in lifestyle products.
Several official insolvency practitioners from McDonald Vague have been appointed as liquidators of the companies.
Debt Breakdown
According to a report from McDonald Vague, the companies’ total debt comprises $2.9 million owed to China Construction Bank, at least $2.1 million to unsecured creditors, and $940,000 to the Inland Revenue Department.
It is estimated that the company also owes $217,000 to former employees in the form of wages, holiday pay, and redundancy pay. The report goes on to predict that unsecured creditors may receive nil returns on their investments.
Store Status
Of the retail establishments managed by ANCZ and its subsidiaries, only eight were still operational at the time of liquidation.
Due to insufficient trading revenue, the liquidators have terminated the Accecco supermarket in Northcote, but the Mt Albert location continues to trade. The Yoyoso and Miniso stores remain open with the aim of depleting their stock levels.
Most locations are expected to shut down by the end of this month.
Questions & Answers
What is the total debt of ANCZ Limited?
ANCZ Limited owes more than $6 million (US$3.5 million) in total.
What are the individual debts of the company?
The debts break down to $2.9 million owed to China Construction Bank, at least $2.1 million to unsecured creditors, $940,000 to the Inland Revenue Department, and $217,000 to former employees.
What will happen to the stores under ANCZ Limited?
Due to the liquidation process, it is expected that most of the store locations will be closed by the end of the month.
