New Zealand premium golf brand retailer goes into liquidation after two years, BNZ owes money

According to the liquidator’s report, Swilcan went bankrupt due to a lack of profitability.

The wider retail sector has faced many challenges in recent months.

Swilcan’s website features signature golf polos that sell for $99 to $119 and hats for $49.

According to the liquidators, the assets and shares of the company will now be put up for sale.

“It is too early to reliably assess what funds, if any, will be available to secured and unsecured creditors,” the liquidators said.

At the time of liquidation, only one creditor was known, the Bank of New Zealand.

Trade creditors are owed $32,638, according to the business report.

There was no debt to the Tax Administration, but the liquidators were waiting for a formal claim.

The value of assets and shares was withheld so as not to prejudice the fair sale.

Svilkan was approached for comment but did not respond.

Retailers have struggled this year due to lower consumer spending and rising prices.

Centrix data shows there were 1,532 liquidations in the first eight months of 2024, compared to 1,208 during the same period in 2023.

Meanwhile, retail spending on electronics fell for seven straight months earlier this year before the trend reversed in August, according to Stats NZ data.

However, expenses for the September quarter decreased by 0.7%, or $135 million, compared to the previous quarter.

Westpac senior economist Satish Ranchhod said he believes the downward trend in spending seen in the first half of the year has been reversed.

Cameron Smith is a journalist from Auckland. Herald business team. He joined Herald in 2015 and covered business and sports. He covers topics such as retail, small business, jobs and macroeconomics.