LEGAL | Staff Reporter, Australia

Doughnut Time announces new owner, store closures

The founder admitted the Instagram-friendly chain grew too quickly and he ran out of money.

According to The Sydney Morning Herald, the South Bank, Clayfield, Mermaid Beach stores in Queensland and Degreaves Street, Fitzroy and Chapel Street stores in Melbourne remained for the brand in Oz.

Amidst looming personal bankruptcy and a fresh Supreme Court suit claiming a debt of $400,000, almost half of the chain’s remaining stores have been shuttered as Griffiths’ former top lieutenant takes over.

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