Receivers of the Jean Jones clothing chain are hopeful of selling the fashion retailer as a going concern.
Deloitte was appointed receiver to the company last Thursday.
The basic business model appeared sound, and while receivers were still reviewing the company's position, outside factors seemed to be the main reason for the receivership, said Mike Horne of Deloitte.
Receivers were focusing on restoring stock volume so the shops could begin trading properly again, and then find a buyer for the whole chain.
Four stores had been closed, but most of the 18 outlets were likely to continue operating, Mr Horne said.
"We have had good support from the staff and everyone is focused on achieving a positive outcome," he said.
Owner Michael Ward put Jean Jones into liquidation last year, with Bernard Spencer Montgomerie appointed liquidator.
Mr Ward blamed competition in the retail sector, resulting in falling margins and increased dependency on short-term funding, and a lower New Zealand dollar, which added to raw material costs.
The company's assets were seized and the office and warehouse relocated in April last year, which Mr Ward said happened without his knowledge. The eftpos machines were changed so that all bankings were diverted.
The liquidator said at the time that the assets were secured by financier S H Lock Ltd through a GSA (general security agreement), which was then bought by DDLC, a company owned by Gisborne man John Gardner.
Mr Gardner was a director of failed finance company Rockforte Finance Ltd, which was bailed out under the Crown retail deposit scheme.
NZPA