More than 150 staff from across Australia, four of which work at Bendigo’s Mitchell Street store, will be out of a job following the decision. 

Pumpkin Patch staff, who refused to comment on the business’ demise, were told of its future just minutes before the news was made public on Friday.

A closing date has been set for the Bendigo shop but staff would not confirm when its final trading day would be.  

It is the second Mitchell Street outlet to close in the last fortnight after Morley’s Emporium ended operations a fortnight ago. 

Receivership is the most recent phase in what has been a financially tumultous time for the New Zealand-born business. 

It was put on the market last year but a sale never occurred.  

But KordaMentha receiver Brendan Gleeson remained hopeful a buyer for the embattled company would be found. 

“A number of parties have already expressed interest in the business,” Mr Gleeson said.   

“Having just been appointed, we are working closely with the management team to quickly establish a way forward for the business and to provide certainty for staff, creditors, customers and shareholders.” 

But store closure plans, many of which were already in place before Friday’s announcement, would accelerate in an effort improve the likelihood of a successful sale, the receivers said. 

Other stores will remain open until further notice. 

Customers can still redeem unused gift vouchers, but on a dollar-for-dollar basis; for example, a $40 purchase can be paid for with a $20 gift voucher and $20 cash. 

At the time of Friday’s announcement, Pumpkin Patch had about 1000 staff in 117 stores throughout Australia. 

Retail consultant Brian Walker told Fairfax Media Pumpkin Patch had expanded too quickly into expensive shopping centres, and its products had lost their spark.

"It didn't have anything particularly unique that couldn't be copied on a mass scale by the bigger volume players, such as Kmart," he said.

"Childrenswear as a category is fairly static, and discount department stores and bigger box retailers have really taken, in my view, Pumpkin Patch's business away."