The country's largest homeware store is up for mortgagee sale, with investors millions of dollars out of pocket

Nido's West Auckland store covers 27 thousand square metres, and has a hundred showrooms, but there are doubts it will reach the 62 million listing price to repay lenders.

Magsons Hardware, trading as Nido, was funded by retail investors, property developers and several retired farmers.

The Henderson store was pitched as an alternative to IKEA, and was founded by Vinod Kumar, whose building company is in liquidation.

All stock is heavily discounted, and the wind-down is expected to take three weeks.