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NZ's Pumpkin Patch plans to close 20 U.S. stores

Mon Jun 29, 2009 4:41pm EDT

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WELLINGTON, June 30 (Reuters) - New Zealand childrens' clothing retailer Pumpkin Patch Ltd (PPL.NZ) said on Tuesday that it would close 20 stores in the United States because of the economic downturn.

The company, which has 35 stores in the U.S., said it has struggled to gain traction in a difficult retail environment over the past two years. The remaining stores are mainly on the west coast of the United States.

It said it expected to take a non-cash cost of between NZ$30 million to NZ$40 million ($20-26 million) as a result of the reorganisation.

Shares in Pumpkin Patch Ltd closed on Monday at NZ$1.35. ($1=NZ$1.54)



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