It is business as usual for Max Brenner’s Wollongong store for the time being after the company enters voluntary administration.
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Presently staff and customers in Wollongong are unaffected by the directors’ of Max Brenner Australia deciding to appoint voluntary administrators in the wake of escalating retail costs and tighter retail trade.
McGrathNicol partners Barry Kogan, Kathy Sozou and Jason Preston will hold a creditors meeting within days.
They are presently reviewing operations with existing management to determine the best way forward.
The administrators have advised that it will be business as usual for the time being for the 37 stores and 600 staff around Australia as the urgent review of operations takes place.
“We are assessing the prospects of completing a going concern sale of the business or a recapitalisation,” the voluntary administrators said.
McGrathNicol’s website www.mcgrathnicol.com will provide updates as the voluntary administation process proceeds.
There are thought to be around a dozen staff working in the Wollongong store on the corner of Crown and Keira Streets, Wollongong.
MB Australia Pty Limited issued a statement on Wednesday saying the 37 company owned chocolate bars Australia-wide employ around 600 employees and welcome more than 5 million visitors annually.
It said in recent years the company has expanded operations to WA, SA and the NT as well as investing heavily in new facilities in NSW.
“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”.
As such the Directors of MB Australia Pty Limited have placed the company into Voluntary Administration and appointed McGrathNicol partners; Barry Kogan, Kathy Sozou and Jason Preston as administrators.”
“This step was taken after extremely serious consideration as to the best course of action for the continued operation of the business”.
“This process will ensure that the most ideal platform is provided for the purposes of facilitating an independent evaluation and restructure of the business to allow it to trade strongly in the future”.
Max Brenner Australia said McGrathNicol had a significant track record of assisting companies in similar situations to return to “business as usual” after the initial period of assessment and restructure”.
“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”.
“Max Brenner Australia remains open for business as usual at this time. Chocoholics are respectfully invited to show their support by enjoying a hot chocolate or dessert as the administrators assess the best solution to ensure Max Brenner Australia’s unique chocolate experience continues to delight millions of Australians in the future”.
“Max Brenner Australia would like to take this opportunity to thank their staff and the public for their extraordinary support”.
Greg Ellis
Almost four decades in electronic, print and digital media. A writer, presenter, emcee, photographer and videographer with degrees in business management, marketing and human resources and tertiary qualifications in photography.
Almost four decades in electronic, print and digital media. A writer, presenter, emcee, photographer and videographer with degrees in business management, marketing and human resources and tertiary qualifications in photography.
