Wellington, March 21 : Auckland''s much-hyped Playboy concept store has been shut down after less than three years.

The boutique was launched by Australian designer Christopher Chronis, under licence from Playboy Enterprises.

The store at the Sylvia Park was just the eighth Playboy Concept Boutique in the world.

It opened amid much fanfare in April 2007 selling Playboy-labelled lingerie, evening wear and other accessories, reports Stuff. co. nz.

However, the store has now been closed and the company, PBY New Zealand, is in voluntary liquidation.

According to the first report by liquidator McDonald Vague, there are debts of more than 166,000 dollars.

The report says there were no assets and blamed the store''s failure on the "parent company''s unwillingness to provide continued financial report".

Rumors are abuzz that the Playboy brand is struggling internationally. (ANI)