After 85 years in trading, one of Australia’s iconic confectionary retailer and brand has called it quits.
Darrell Lea has been placed into voluntary administration, appointing Mark Robinson, Jack Bournelis and Daniel Walley of PPB Advisory as Voluntary Administrators of the business.
PPB Advisory’s appointment follows an ongoing review of the business by its directors and their concerns about Darrell Lea’s ability to meet its ongoing financial obligations, which has been mainly affected by soft retail conditions and the strong Australian dollar.
The company has already received interest from different parties, both locally and internationally.
“We are undertaking an urgent review of the business with a view to preparing Darrell Lea for sale as a going concern. The owners of the business have agreed to provide some short term financial support whilst we undertake this process,” Mark Robinson of PPB Advisory said.
Darrell Lea sells its products through 69 owned and licensed stores and 1,800 retail outlets across Australia, New Zealand and the USA. Darrell Lea employs around 700 people across its Sydney based manufacturing facility and its retail network.
“We will work with all stakeholders including employees and their representatives, licensees, customers and suppliers to ensure the business continues to operate effectively,” Robinson said.
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