Weight loss company Jenny Craig's New Zealand arm is to be placed into liquidation.
It had been placed into administration on May 9, days after its US arm filed for bankruptcy.
Administrators from FTI Consulting were appointed to avoid shutting down its Australian and New Zealand operations by restructuring the company and seek new capital.
However, this has been unsuccessful.
A second meeting of creditors for Jenny Craig Group's Australian and New Zealand companies will be held on Wednesday, June 14, "where the recommendation of the Administrators, given the absence of deed of company arrangement proposal, is for the companies to be placed into liquidation".
"The Administrators sought to sell the Australian and New Zealand operations of the Jenny Craig Group as a going concern with the intent of preserving as many jobs as possible and limiting the losses for creditors and sought offers from interested bidders. The bidding and sale process resulted in 15 interested parties participating, four of which submitted non-binding indicative offers," FTI Consulting said in a statement.
"Despite best efforts, the Administrators were unable to find a buyer for the physical stores and employees of the Australian and New Zealand business.
"The Administrators have today advised all of the employees in Australia New Zealand that a sale of the business with the stores continuing to trade and staff continuing their employment has not been achievable.
"This has resulted in a decision to immediately cease trading from stores and employees being made redundant, which is an unfortunate outcome and one which the Administrators had sought to avoid."
The online portion of the business will be sold to healthcare technology company Eucalyptus, "which will continue to offer online weight loss solutions to customers".
1News has confirmed there were 71 employees of the Jenny Craig NZ business when it went into administration.
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