The Original Children's Bookshop goes into liquidation after 37 years of trading

CHARLIE GATES
Last updated 19:57 28/10/2016
JOSEPH JOHNSON/FAIRFAX NZ

Then office manager Mary Sangster, left, and former owner Sheila Sinclair in 2012.

CARYS MONTEATH/FAIRFAX NZ
The Children's Bookshop employee Liz McCracken fills shelves after the move to Riccarton in 2011.

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The Original Children's Bookshop has gone into liquidation after nearly 37 years of trading in Christchurch.

The bookshop, which traded on Victoria St for about 35 years before moving to Riccarton after the 2011 earthquakes, went into voluntary liquidation on October 21.

Creditors are owed about $295,000, including $6900 in employee claims and $288,000 to unsecured creditors, according to the liquidator's first report.

The report states the bookshop has assets of about $100,000, including $46,000 worth of stock.

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Liquidator Murray G Allott's report states the company has struggled because it has "not achieved the level of sales necessary to be able to trade profitably".

"The company's working capital has been expended to meet operating expenses and the ability to maintain stocks has diminished as a consequence," the report states.

The bookshop has been put up for sale as a going concern.

Long-time staff member Mary Sangster purchased the bookshop from former owner Sheila Sinclair last year.

The liquidator's report states the sale was delayed by a few months.

"The purchase of the business was expected to settle in late 2014. However, due to issues arising over the lease of the premises, final settlement did not occur until April 2015. Trading in the intervening period was undertaken by the company pending settlement," the report stated.

It is not clear if the bookshop will continue trading beyond Saturday.

Sangster declined to comment.

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