Mark Jones and Kitchen Things Collapse $7.7m Debt and 1,100 Customers Affected
Wellington – 06 October 2025
The collapse of Kitchen Things has turned a spotlight onto its leadership — especially Mark Jones and fellow director Rachel Louie — as creditors, customers, and analysts sift through the fallout from one of New Zealand’s most prominent retail failures in 2025.
The liquidation report names Mark Jones and Rachel Louie as directors across the group of companies, while John Gilbert was also a director of Jones Family Investments Limited until his resignation on 11 August 2025, shortly before receivership was appointed. The companies placed into liquidation included Jones Family Investments Limited, Kitchen Things NZ Limited, Appliance Works (2015) Limited, Applico Limited, Baumatic Appliances Limited, Kitchen Things IP Limited, and Kitchen Things Holdings Limited. Jones served as a director across all entities, while Louie was co-director on several.
On 20 August 2025, the companies were placed into receivership, with Malcolm Moore, Stephen Keen, and Adele Hicks of Grant Thornton appointed as receivers. A watershed meeting of creditors on 24 September 2025 resolved to place the companies into liquidation, and George Bannerman and Rees Logan of BDO Auckland were formally appointed as liquidators at 3:23 pm that day. Their report was dated 1 October 2025.
The financials reveal the scale of the distress. Grouped bank debt across all companies stood at $7.7 million, cross-guaranteed, with a standby letter of credit of $1.8 million also outstanding. In Kitchen Things NZ Limited alone, creditor claims of $5.1 million had been filed, including 1,117 individual customer deposits. Applico Limited carried around $3 million in creditor claims, while Appliance Works (2015) Limited faced $112,000 in unpaid staff entitlements before these were paid under receivership. Across the group, preferential employee claims of $173,000 were settled on 25 September.
The directors had tried to prevent collapse. During the COVID-19 boom years, the business benefitted from strong construction demand, border closures, and increased consumer spending. But once borders reopened, sales fell sharply, costs rose, and the declining New Zealand dollar cut margins further. Attempts were made to restructure by closing unprofitable stores, vacating leases, and cutting staff numbers by about half. Efforts to raise equity or sell parts of the business also failed. Facing mounting financial pressure, the directors themselves requested receivership.
Now, creditors have until 30 November 2025 to file claims. The liquidators and receivers are in the process of selling inventory, investigating transactions, and assessing whether parts of the business can be sold as going concerns. The report cautions that unsecured creditors may see little recovery given the volume of debt and guarantees.
Under the leadership of Mark Jones and his co-directors, a business that once spanned 12 stores and employed more than a hundred staff has collapsed, leaving behind millions in debt and unanswered questions about its future.