Receivers of the Colorado Group have announced that nine Colorado stores are set to close in New Zealand, with the loss of 61 jobs.
The Colorado Group, which includes the Colorado clothing stores and Australian shops such as JAG and Diana Ferrari, has been for sale since April.
The closure of the stores is part of a restructuring plan. In Australia, 131 stores are set to shut with the loss of 981 jobs.
Receiver Brendan Richards, of Ferrier Hodgson, said on Tuesday that unless a white knight buyer emerges within the next 48 hours, the proposal will go head.
Mr Richards said the job losses are not desirable, but the company needs to eliminate the loss-making Colorado shops and focus on its more profitable stores.