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:
🥯 New York Bagels liquidated after 26 years
📉 Cited a “downturn in revenue” — but owes $860,000+
💸 $84,328 owed to IRD in unpaid GST
👥 7 staff out of work
📅 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:
💀 $84,328 owed to IRD for unpaid GST
📉 $648,161 owed to business directors
📦 $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:
Any hidden assets or claims that could be recovered
Unpaid employee entitlements
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?