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By
Reuters
Published
Jun 29, 2009
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NZ's Pumpkin Patch plans to close 20 US stores

By
Reuters
Published
Jun 29, 2009

WELLINGTON, June 30 (Reuters) - New Zealand childrens' clothing retailer Pumpkin Patch Ltd (PPL.NZ) said on Tuesday 30 June that it would close 20 stores in the United States because of the economic downturn.


Pumpkin Patch (www.pumpkinpatch.co.uk)

The company, which has 35 stores in the U.S., said it has struggled to gain traction in a difficult retail environment over the past two years. The remaining stores are mainly on the west coast of the United States.

It said it expected to take a non-cash cost of between NZ$30 million to NZ$40 million ($20-26 million) as a result of the reorganisation.

Shares in Pumpkin Patch Ltd closed on Monday 29 June at NZ$1.35. ($1=NZ$1.54)

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