Yoyoso’s sudden collapse leaves millions in debt and workers unpaid
New Zealand retail chain Yoyoso has collapsed into liquidation, leaving millions in unpaid debts. The group, which includes brands Yoyoso, Miniso and Acecco, faced mounting financial pressure as shoppers shifted to online platforms like Temu and Shein. Industry leaders warn the closure reflects wider struggles across the news sector.
Yoyoso’s liquidation follows years of declining sales, with customers increasingly turning to cheaper overseas websites. The company still operated eight stores across Auckland when it folded, but all are set to shut by January 2026.
Former employees are owed around $217,000 in unpaid wages, holiday pay, and redundancy payments. So far, $63,000 has been distributed, but the rest remains uncertain. Inland Revenue is also chasing $940,000 in unpaid GST, PAYE, and other payroll deductions—funds that may never be recovered.
Unsecured creditors face even steeper losses, with debts totalling at least $2.1 million. Liquidators have warned these creditors may receive nothing. The collapse comes as other major retailers, like EB Games, also propose store closures, signalling deeper troubles in New Zealand’s retail market.
Retail NZ chief Carolyn Young described 2022 as a particularly tough year for the industry. Rising costs, changing consumer habits, and competition from global online sellers have squeezed local businesses hard.
The liquidation leaves Yoyoso’s creditors with little hope of repayment. Employees, tax authorities, and suppliers now face financial losses, while the closure of all remaining stores by 2026 marks the end of the brand in New Zealand. The case highlights the growing challenges for traditional retailers competing against online giants.
