Max Brenner will keep its doors open, after all.
Family investment office Tozer & Co struck an eleventh-hour deal with the chocolate chain to acquire its business license after the chain announced earlier this month that it was entering voluntary administration.
This will mean business as usual for Max Brenner stores across the country.
“In conjunction with the franchisor, we are excited by the prospect of investing, growing and developing a highly successful business,” Tozer & Co’s David Tozer told Fairfax Media.
“The brand has a rich history across the world and also within Australia.”
Earlier this month, Yahoo Finance reported that Max Brenner was entering into voluntary administration due to the rising costs of employment, rent, and a slow retail landscape.
The chain announced it was going under despite enjoying prominence in the most recent season of The Bachelor.
Another one bites the dust: Roger David enters voluntary administration
Just as one retailer seems to live another day, menswear clothing line Roger David announced on Thursday morning that it was entering voluntary administration.
A statement from the clothing company’s directors pointed to fierce competition and the boom of e-commerce as reasons why the company had suffered.
“Despite the directors’ best efforts with the business, it simply could not compete with the influx of multinational retailers and the rapid, global evolution of online shopping,” the statement said.
“Roger David grew into the third-largest specialty menswear chain in Australia and the directors are incredibly proud of what has been achieved over the last 76 years.”
There are 57 Roger David stores across Australia, managed by over 300 staff.
The company directors said it had appointed KordaMentha as administrator and would offer whatever assistance the administrator needed.
In the meantime, the menswear chain will operate as normal “for the upcoming peak retail period in an effort to maximise the options for the business”.