A liquidators’ report has revealed that Wagamama’s creditors, including former staff, are owed $4.83 million. Following July closures, the restaurant franchise’s failure was put down to an unsustainable business model and below expected performance.
WNZ Ltd., the parent company of the restaurants in New Lynn, Sylvia Park, Newmarket, and Wellington, had intercompany loans, fixtures and equipment, and a shareholder current account at the time of liquidation. There is no confirmation as to whether or not a recovery of the credit will eventuate.
The first receivership report is expected by the end of the month.