The administrator for the women's clothing chain Shanton Fashions says the company owes almost $7.8 million to its creditors.
The company, which operates 37 stores in New Zealand, was put into voluntary receivership by its directors last month.
In an administrator's report, BWA Insolvency's Bryan Williams said the company's assets totalled only $3.4 million.
Mr Williams said the business was being sold in an attempt to preserve the brand's value and pay back creditors and had already had nine expressions of interest.
