SPQR closed its doors in July. Photo: RNZ / Melanie Earley
It's been a tough year for businesses around the country.
In November, company liquidations were up 27 percent year-on-year, according to Centrix.
Businesses large and small suffered - and even some big names did not make it.
Here are some of the prominent businesses that did not survive 2024.
SPQR
Aucklanders were shocked in July when Ponsonby favourite SPQR closed its doors.
The restaurant opened in 1992.
"The hospitality industry is struggling and has been since the Covid-19 pandemic. Globally, it's hard out there for people and when the dollar is tight, this sector suffers," liquidator Stephen Lawrence told RNZ at the time.
SolarZero
The fallout from SolarZero's liquidation continues.
Owned by international asset manager BlackRock, SolarZero provided leased solar energy systems to about 15,000 houses around New Zealand.
But it was placed into liquidation because the business was not sustainable, BlackRock said.
The problem for the government is that the NZ Green investment Fund had set up a taxpayer-funded lending facility of $145m for SolarZero, of which it said about $115m had been drawn down.
Maketū Pies went into liquidation, but was saved by new owners. Photo: Laura Smith
Maketū Pies
There was some good news in this story for pie lovers. Maketū Pies went into liquidation in November after years of losses, but was saved by new owners.
Privately owned catering business Montana Group took over the 42-year-old brand and its about 20 employees in early December.
Huckleberry
Organic and wholefoods grocer Huckleberry went into liquidation in the middle of the year.
In their report, liquidators said the failure was driven by a downturn in customer numbers and spending, as well as a reduction in turnover.
"The result of this was he revenue was no longer able to sustain the company's outgoings or expenses."
Ezibuy (again)
Ezibuy hit trouble again this year.
Its parent company, Mosaic Brands, appointed administrators. Its other brands, such as Katies and Millers, were also affected.
Mosaic told the ASX that a "small number of stakeholders" did not support its proposals for restructure, or negotiating a commercial outcome, and Mosaic could not reach an acceptable resolution with the Australian Competition and Consumer Commission over proceedings relating to the late or non-delivery of goods during the pandemic.
Last year, voluntary administrators were appointed to Ezibuy, which owed more than $100 million to creditors.
At the time, Mosaic said its significant decline in sales through 2022 was at odds with the rest of the business.
But Mosaic bought it back earlier this year, planning a simplified online-only operation.
Digital Nomad
Wellington co-working space Digital Nomad did not make it until the end of the year, either.
Liquidators said the main reason was that it was too difficult to maintain a sustainable level of tenants and revenue to make the operation profitable.
"The working landscape has been changing in Wellington for the last few years since Covid-19 and the shift to working from home has made it particularly challenging to secure tenants."
Franklins
Auckland-based plumbing supplies business Franklins went into liquidation.
It had been owned by the Smith family for 69 years.
But it said the "changing landscape of the building industry and the current state of the economy" had led the director to make the decision to shut the business.
What lies ahead?
Economist Shamubeel Eaqub said he hoped the year ahead would be an easier one.
"But business failures is a lagging indicator. Many businesses that limp through the recession are not in good shape for the recovery, so there will be a tail of businesses which will continue to fail for the next year or so.
"But many other businesses will benefit from a cyclical recovery. The key risks are when the economic recovery takes hold: two headwinds from sharply slowing net migration and prospect of more intense fiscal austerity.
"Both could delay the positive effects of lower interest rates and returning hope among consumers and businesses. "
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