According to the liquidator’s report, Swilcan failed due to a lack of profitability.
The broader retail sector has faced multiple challenges in recent months.
Swilcan’s website shows company branded golf polos retailing from $99 to $119, while hats retail for $49.
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The business’ assets and stock will now be advertised for sale, the liquidators said.
“It is too early to reliably estimate what funds, if any, will be available for preferential and unsecured creditors,” liquidators said.
Only one creditor was known at the time of liquidation, which was the Bank of New Zealand.
According to the statement of affairs, trade creditors are owed $32,638.
No money was shown as being owed to Inland Revenue but liquidators were waiting for a formal claim.
The value of assets and stock was withheld so to not prejudice a fair sale.
Swilcan was approached for comment but has not responded.
Retailers have struggled this year in the face of declining consumer spending and higher costs.
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Data from Centrix shows in the first eight months of 2024 there were 1532 liquidations, compared with 1208 over the same period in 2023.
Meanwhile, retail electronic spending declined for seven consecutive months earlier this year before the trend reversed in August, according to Stats NZ.
However, September quarter spending was down 0.7% or $135 million on the previous quarter.
Westpac senior economist Satish Ranchhod said he believed the downward trend in spending seen through the first half of the year had been arrested.
Cameron Smith is an Auckland-based journalist with the Herald business team. He joined the Herald in 2015 and has covered business and sports. He reports on topics including retail, small business, the workplace and macroeconomics.
