Pumpkin Patch deducts employee pay for shares it admits may have no valueCRAIG SIMCOX/FAIRFAX NZ Troubled childrenswear retailer Pumpkin Patch is deducting workers’ wages to pay for shares. Pumpkin Patch receivers have blamed payroll issues for staff continuing to have wages deducted for shares the company has warned are likely to be worthless. READ MORE:* Receivers to close seven NZ Pumpkin Patch stores, 57 job losses* Pumpkin Patch in trading halt - too much debt, not enough capital* Pumpkin Patch sale possible but store closures likely in coming weeksShares have been placed in a trading halt, with shareholders warned their investments are likely to be worthless. FIRST Union General Secretary Robert Reid said Payroll had told workers they would have to continue to pay for shares through wage deductions. Pumpkin Patch has about 600 employees across 43 stores in New Zealand, and 1000 staff in 117 stores in Australia- Stuff

Source: Stuff November 03, 2016 01:38 UTC