Max Brenner Australia enters voluntary administration, cites “escalating" costs and “tighter” retail trade
Administrators said they are considering the prospect of selling the chocolate chain as a going concern or recapitalising the business.
Max Brenner’s Australian business has entered into voluntary administration, citing escalating costs and a tighter retail trade.
"Despite previous success, the brand has struggled with exceedingly challenging commercial terms. These include escalating rent, finance and employment costs. These factors have made it unattainable to continue to operate effectively under the current circumstances," Max Brenner Australia said in a statement sent to QSR Media.
McGrathNicol partners Barry Kogan, Kathy Sozou and Jason Preston were appointed voluntary administrators by the chocolate chain’s directors last 30 September.
Administrators say all of Max Brenner’s stores would continue to trade as usual while they complete their urgent review. The brand currently operates 37 company-owned stores and employs approximately 600 staff.
They are also assessing the prospects of completing a going concern sale or recapitalisation through the voluntary administration process.
"McGrathNicol will contact all stakeholders in order to best assess their position as per the prescribed process. Max Brenner Australia’s management is working closely with the Administrators and providing assistance, as required," the chain added.
Max Brenner, a worldwide chain known for their chocolate dessert bars, opened its first location in Australia in 2000.
Internationally, the brand trades in the United States, Israel, Japan and Russia.
