Max Brenner enters voluntary administration
Written on the 3 October 2018 by David Simmons
Decadent chocolatier Max Brenner has announced it has gone into voluntary administration.
The dessert chain cited rising costs and tough retail landscape as the reason behind the decision.
McGrathNicol has been appointed as administrated to undertake a review of the business, with a meeting of creditors to occur within the coming days.
It's business as usual for the chain in the meantime as administrators complete the urgent review of the company's operations.
The company operates 37 stores across Australia and employs approximately 600 staff.
In a media release McGrathNicol says they are looking at potentially selling the business or recapitalising Max Brenner in the voluntary administration process.
The chain, famous for its luxuriant chocolate desserts, hot drinks, and milkshakes, is currently owned by a husband and wife duo Tom and Lilly Haikin.
Max Brenner was originally founded in 1996 in Israel by Max Fitchman and Oded Brenner.
The decision comes as quite a shock considering it told Inside Retail Australia that it was looking at expanding even further back in January.
Key shareholders, employees, suppliers and landlords will be updated in the coming days via direct communication and McGrathNicol's website.
Business News Australia
Author: David Simmons