Yoyoso, Miniso and Acecco collapse: The $61m fall and mortgagee sale at the centre of it
A business empire involving retail chains Yoyoso and Miniso has collapsed, leaving $61 million in debt and a trail of legal and tenancy issues. A property linked to the directors is now being sold via mortgagee sale.
Why it matters
The collapse exposes significant financial mismanagement and poor treatment of tenants in rental properties managed by the business owners.
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A unit at 10 Gray Ave in Mangere East is up for mortgagee sale and is linked to businessmen linked to the collapse of the Yoyoso and Miniso retail chains in New Zealand. Photo / Michael Craig
Thirty-three companies have gone under, more than $61 million is owed and nobody’s answering. The Herald has traced an Auckland empire’s collapse through dozens of financial documents.
A rundown Auckland rental — in a block where tenants reportedly lived in “some of the worst” conditions seen and faced gang intimidation — is now up for mortgagee sale amid a $61 million business collapse.
Ex-prisoners housed in the seven-unit Māngere East complex were last year awarded $25,900 by the Tenancy Tribunal.
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