Yoyoso

PHOTO: At the time of liquidation, the group was operating eight stores across Auckland, including high-profile CBD locations. PROPERTY NOISE/YOYOSO

The New Zealand arm of discount retailer Yoyoso has officially been placed into liquidation, with unsecured creditors warned they may receive nothing at all.

The collapse also affects sister brands Miniso and Acecco, all operating under the same corporate umbrella.

Liquidators McDonald Vague confirmed the group owed millions of dollars, with little prospect of recovery for many creditors.

📉 Stores Closing Across Auckland

At the time of liquidation, the group was operating eight stores across Auckland, including high-profile CBD locations.

Key points from the liquidators:

  • ❌ Acecco Northcote has already closed due to insufficient revenue

  • ⚠️ Acecco Mt Albert continues limited trading

  • 🛍️ Yoyoso and Miniso stores are trading temporarily to reduce stock

  • 🚪 Most stores expected to close or vacate by January 2026

Staff will remain employed only as required to assist with the wind-down process.

👷 Staff Owed Hundreds of Thousands

The human cost is significant:

  • 💰 $217,000 owed to former employees (wages, leave, redundancy)

  • ✅ $63,000 already paid, bringing wages up to date

  • 👍 Employees are expected to receive their full entitlements

This is one of the few bright spots in an otherwise grim liquidation.

🧾 IRD & Creditors Face Major Losses

The numbers worsen when it comes to creditors:

  • 🏛️ Inland Revenue owed approx. $940,000 (GST, PAYE, payroll deductions)

  • ❗ Liquidators believe IRD will not recover the full amount

  • 💥 Unsecured creditors owed at least $2.1 million

  • ⚠️ Return to unsecured creditors could be zero cents in the dollar

This excludes potential landlord claims, penalties, or interest.

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📦 Online Giants Are Eating Physical Retail Alive

Retail consultant Chris Wilkinson from First Retail Group says the shift is obvious.

Shoppers looking for novelty, homeware, and low-value items are increasingly turning to:

  • 📱 Temu

  • 📦 AliExpress

  • 👗 Shein

“People are buying direct from the source — cheaper, faster, and without needing a physical store.”

Wilkinson says Yoyoso once benefited from high-foot-traffic locations like Queen Street, but that advantage has evaporated.

🛒 “You Can’t Survive Without Volume Anymore”

“You need massive volumes to make physical retail work — and under the new way of buying, that just doesn’t happen,” Wilkinson said.

Novelty retail, once a staple of malls and CBD strips, is now one of the most vulnerable categories.

🇳🇿 Retail NZ: “This Is the Reality Right Now”

Retail NZ chief executive Carolyn Young says the collapse reflects broader economic pressure.

“Businesses have held on and held on — but with no spare cash and trading at a loss, you can only survive so long.”

She pointed to the recent closure announcement from EB Games as another warning sign.

“The recovery isn’t coming fast enough for many retailers.”

🔍 The Bigger Picture

This is not just a Yoyoso story — it’s a snapshot of retail in New Zealand:

  • 📉 Shrinking discretionary spending

  • 📦 Online platforms undercutting local stores

  • 🏙️ CBD rents no longer stack up

  • 💸 Cashflow pressures crushing mid-tier chains

Expect more closures, more liquidations, and more empty shopfronts unless conditions materially change.

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