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The Department Store (TDS), in Auckand's North Shore suburb of Takapuna, is set to close on 26 January after 10 years in business.
"The current TDS partners will be focusing on new exciting projects in 2020 while all TDS staff will integrate into other areas of their respective business," TDS said in a post on Instagram.
Any outstanding gift vouchers have to be used this month.
Walker co-owned the once multi-floor store with Daniel Gosling, director and co-owner of fashion brand Stolen Girlfriends Club and retailer Black Box Boutique.
The Department Store was home to British retail giant Topshop when it arrived on New Zealand shores before it set up its stores in Auckland and Wellington and later failed.
It formerly housed a hair and beauty salon and hosted fashion events.
The Karen Walker clothing brand was one of few retailers remaining in the department store.