Max Brenner stores to close across the country as administrators move in


Posted

October 05, 2018 20:11:47

Max Brenner is closing more than half of its stores just a week after voluntary administrators were appointed to the confectionary retailer.

Administrators McGrathNicol Partners said 20 of the 37 struggling stores would close on Monday and that staff would be made redundant.

“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,” administrator Barry Kogan said.

“The remaining 17 stores in the Max Brenner network will stay open and it will be business as usual.

“These stores are profitable and will be offered for sale or recapitalisation.”

There are five stores closing in New South Wales, nine in Queensland, two in Western Australia, and one each in the Australian Capital Territory, Victoria, South Australia and Northern Territory.

Max Brenner employs about 600 people across Australia.

Escalating costs and a competitive retail trade was cited at the time as the reason for the company’s collapse when McGrathNicol Partners was appointed administrators on September 28.

Max Brenner was started in Israel in 1996, with the first Australian store opening in New South Wales in 2000.

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business-economics-and-finance,

australia



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