Dunedin's Shanton store is one of the only ones remaining open across the country.

The company's in voluntary administration, and its sale is being negotiated with five interested parties.

Shanton owes more than $7m to creditors, including staff and Inland Revenue.

Of the 37 stores nationwide, only ten will remain open, and 70 full time equivalent staff have lost their jobs as a result.

There's a possibility some workers will be offered employment at stores elsewhere.

Shanton was placed in receivership in 2012, before being purchased by its current owners.