A network of Asian supermarkets and lifestyle stores trading under the Acecco, Miniso and Yoyoso banners has been placed into liquidation, with the operator and related companies collectively owing more than NZ$6m to banks, the tax department, employees and other creditors.
In a notice published in the New Zealand Gazette, the parent company, ANCZ Limited (formerly Yoyoso NZ Limited), was put into receivership on 17 December 2025 after its secured lender moved to appoint receivers. Days later, a further 23 related companies tied to individual stores were also placed into liquidation, reflecting a corporate structure where separate entities often sit behind separate retail sites.
The group is led by Auckland-based director Lin Liu and includes companies operating outlets largely concentrated across Auckland. The brands occupy slightly different corners of the retail market: Acecco focuses on Asian groceries and culinary items; Miniso sells affordable lifestyle products; and Yoyoso markets Korean-style fast fashion and homewares.
How the debts stack up
Liquidators from McDonald Vague were appointed to the companies. Reporting cited by BusinessDesk said the group owes about NZ$2.9m to China Construction Bank, at least NZ$2.1m to unsecured creditors, and roughly NZ$940,000 to the Inland Revenue Department.
Former staff are also caught in the fallout. The liquidators estimate about NZ$217,000 is owed to ex-employees in wages, holiday pay and redundancy entitlements. In their initial assessment, unsecured creditors face a grim outcome, with expectations that they may receive nothing back once secured debts and costs are accounted for.
Which stores are still open?
At the time the liquidators were appointed, only eight locations were still trading. Since then, closures have begun. McDonald Vague has shut the Northcote Acecco supermarket after concluding the site lacked sufficient trading revenue to keep operating, while the Mt Albert Acecco has continued trading for the time being.
The remaining Yoyoso and Miniso stores have stayed open largely as a stock-clearance exercise, with trading continuing to reduce inventory levels before leases are vacated. Radio New Zealand reported liquidators expect the remaining outlets to close through January, with most locations likely to be gone by the end of the month.
What liquidation means for shoppers and suppliers
For shoppers, the short-term effect is familiar: discounts, reduced ranges, and “while stocks last” conditions. For suppliers, it can be far more damaging. Unsecured creditors typically include product suppliers, service contractors and some landlords. When liquidators warn unsecured creditors may receive little to nothing, it usually means those businesses will have to absorb the loss — a hit that can ripple across smaller importers and wholesalers.
Employees often sit in a more protected position than ordinary suppliers, but wage and holiday-pay entitlements are still not guaranteed in every scenario. Staff are commonly asked to submit claims and supporting documents, and payments (if any) depend on what funds are recovered after secured debts and liquidation costs.
Why did this retail group fall over?
A full picture will take time — liquidators typically compile reports after reviewing accounts, leases, stock positions and director decisions. But the broad pressures facing specialty retail in New Zealand are well known: tight consumer spending, high commercial rents in key Auckland corridors, and higher costs for imported stock when freight, insurance and currency movements turn unfavourable.
Fast-turnover “affordable lifestyle” retail also faces heavier competition than it did a few years ago, with low-cost online marketplaces reshaping how customers buy household goods and accessories. RNZ noted the wider debate about how overseas e-commerce is changing the economics for brick-and-mortar retailers.
What happens next
In the coming weeks, liquidators are expected to:
- continue trading selected sites only long enough to clear stock and preserve value;
- negotiate with landlords over lease exits and handovers;
- secure and sell remaining assets (stock, fittings, sometimes intellectual property);
- collect creditor claims and assess recoveries under the liquidation waterfall.
If you are a customer with gift cards, returns or warranties, or a supplier awaiting payment, the practical advice is to check for store notices and any updates published by the liquidators, and to keep receipts, invoices and correspondence. Liquidations can move quickly once stores begin shutting doors.
For now, the message from the liquidators is that trading is temporary — aimed at reducing stock levels — and most stores are expected to close as January progresses.
Key takeaway: The collapse of the Acecco–Miniso–Yoyoso network leaves millions owed to a secured bank lender, tax authorities, staff and suppliers — and signals how brutally exposed specialty retail can be when sales fall and fixed costs keep rising.
