QUEENSLAND WORKERS FACE AXE AT STRUGGLING CHOCOLATE MAKER

Written on the 20 July 2012

QUEENSLAND WORKERS FACE AXE AT STRUGGLING CHOCOLATE MAKER

ABOUT 65 Queenslanders working for the embattled Darrell Lea confectionary stores face potential redundancy.

Directors of the iconic Australian chocolate maker this week cast doubt over its ability to meet ongoing corporate-financial obligations.

PPB Advisory, which has been appointed as voluntary administrators, confirms that Darrell Lea operates 13 stores across Queensland and nearly 1800 retail outlets across Australia, New Zealand and the US.

The confectionary company founded in 1927 employs around 700 people. Most stores usually have a full-time manager plus four part-time or casual staff.

PPB Advisory director Daniel Walley and partners Mark Robinson and Jack Bournelis are jointly advising Darrell Lea.

“We are undertaking an urgent review of the business with a view to preparing Darrell Lea for sale as a going concern,” says Robinson.

“The owners of the business have agreed to provide some short-term financial support while we undertake this process.”

However, Darrell Lea’s financial woes contradict with broader chocolate sector resilience.

Market research company IBISWorld’s May report shows industry revenue jumped 2.2 per cent annually to more than $3 billion in the past five years.


Latest News

CROMWELL TRADES STEADILY IN FIRST HALF

CROMWELL Property Group has maintained a steady operating profit at $0.045 per security in the first half of FY17,...

WHY NEXTDC'S STOCK IS SOARING

AFTER posting its interim result, NEXTDC (ASX: NXT) gained more than 12 per cent on the stock market before noon.
...

PWR PROFIT CRASHES AS DOLLAR RISES AND COSTS MOUNT

A RISING Aussie dollar has offset PWR Holdings Limited's (ASX:PWH) overseas growth in the last half, forcing a...

SUPER RETAIL GROUP RESULTS SHINE ACROSS THE BOARD

A WELL-planned and executed half has paid off for Super Retail Group (ASX:SUL) as it posts a net profit result up ...

Related News

EVERYTHING YOU NEED TO KNOW ABOUT THE NATIONAL BROADBAND NETWORK

THE National Broadband Network (NBN) is more than an internet connection, it is an opportunity to transform your b...

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

RISE OF THE MACHINES HAS WORKERS SWEATING

UP TO 3.8 million Australian workers are fearful their job may soon be terminated by a robot, a new survey has shown....

LESS TALK, MORE SMALL BUSINESS ACTION IN 2017

THE future growth and prosperity of Australian SMEs could be undermined if governments lose sight of the sector...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter