In a devastating sign of how New Zealand’s economy is unravelling, beloved Auckland business New York Bagels has collapsed into liquidation. Photo by Lucie Liz
⚠️ Fast Facts:
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🥯 New York Bagels liquidated after 26 years
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📉 Cited a “downturn in revenue” — but owes $860,000+
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💸 $84,328 owed to IRD in unpaid GST
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👥 7 staff out of work
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📅 Next report due January 2026
In a devastating sign of how New Zealand’s economy is unravelling, beloved Auckland business New York Bagels has collapsed into liquidation — after nearly three decades of supplying cafés, supermarkets and breakfast tables.
Founded in 1999, the company has officially folded, blaming a “downturn in revenue” — but the deeper story reveals an economy in freefall, where even established staples can’t stay afloat.
🔥 Business Burnout: A Symbol of the Times
Liquidators Steven Khov and Kieran Jones reported that cash flow had dried up, debts had ballooned, and the company was left with just $2,215 in cash. That’s not a typo.
They’ve frozen the company’s bank accounts, requested books from directors, and started investigating whether any scraps can be recovered for desperate creditors.
The true damage:
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💀 $84,328 owed to IRD for unpaid GST
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📉 $648,161 owed to business directors
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📦 $129,806 owed to trade creditors
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😔 7 Jobs Gone — And Possibly More to Come
The company had 7 staff, all of whom are now jobless. It’s unclear whether there are any unpaid wages, redundancy entitlements or holiday pay outstanding — but liquidators haven’t ruled it out.
This collapse comes amid a wave of small-business failures, as surging interest rates, soaring operational costs, and plummeting consumer confidence strangle businesses in every sector.
📉 Another Domino Falls
This isn’t just a bagel company going under — it’s another canary in the coal mine for a country where financial pressure is crushing even long-established, once-profitable businesses.
The company’s major shareholder, Glen Curd via Zacura Holdings (75%), and minority shareholder Lucy Green (25%) now face the fallout from what looks like a total financial wipeout.
🚨 What’s Next?
The liquidators say they are still probing for:
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Any hidden assets or claims that could be recovered
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Unpaid employee entitlements
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Secured creditor details
But with the economy on life support and consumer spending at rock bottom, don’t expect miracles.
The next liquidators’ report is due January 2026 — but at this rate, how many more Kiwi businesses will be left standing?