The decision came after their administrators’ store-by-store review on the chocolate chain.
Max Brenner’s voluntary administrators Barry Kogan, Kathy Sozou and Jason Preston of McGrathNicol has announced that they will be closing 20 of the chocolate chain’s stores.
“The decision to close stores is always regrettable but in this case we were left with no choice following a store-by-store review of Max Brenner operations. The remaining 17 stores in the Max Brenner network will stay open and it will be business as usual in these stores. These stores are profitable and will be offered for sale or recapitalisation,” Kogan said in a statement.
The remaining stores are located in Belconnen, Macquarie Centre, Narellan, Doody St., Charlestown, Blacktown, Manly, Centrepoint (Sydney), Tuggerah, Bondi Junction, Surfers Paradise, South Bank (South Brisbane), Queen Victoria (Melbourne), High Point (Maribyrnong) Craigieburn and Doncaster.
The administrators also said that efforts are underway to secure the ongoing viability of the remaining Max Brenner business, either through a Deed of Company Arrangement (DOCA) or a sale of the remaining business as a going concern.
The first meeting of Max Brenner creditors will be held on October 11.
(Photo credit: Max Brenner Facebook)
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