Max Brenner chocolate chain goes into voluntary administration
THE Australian arm of cult chocolate chain Max Brenner has collapsed, citing hefty costs and poor sales.
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CULT chocolate chain Max Brenner has gone into voluntary administration, citing hefty costs and poor sales for its downfall.
Max Brenner’s 38 stores will continue to trade as normal while a review is conducted, Fairfax Media reports.
McGrathNicol was appointed administrator at the weekend, and is weighing up whether to sell Max Brenner or to recapitalise the business.
Max Brenner, which is headquartered in Sydney, has up to 600 staff with stores in NSW, Queensland, Melbourne, the ACT, Western Australia, South Australia and the Northern Territory.
McGrathNicol administrators Barry Kogan, Kathy Sozou and Jason Preston told Fairfax it was too soon to reveal what kind of debt the business was in and wouldn’t comment on its finances.
Max Brenner began as a small Israeli chocolatier in 1996, with a vision of a “chocolate bar” and a new culture of fashion-inspired chocolate.
The creators, Max Fichtman and Oded Brenner, met Australians Lilly and Tom Haikin in 2000, who were so impassioned by his idea that they brought it to Australia, with the first
Max Brenner Chocolate Bar opening in May that year in Sydney’s Paddington.
In August last year, it was reported that Glenn Wein — who was previously the head of private equity at Packer family investment company Consolidated Press Holdings — was putting together a financial package to ease the financial burden of Max Brenner’s Australian franchise.
Sources told the Australian Financial Review that Max Brenner’s local lenders, who were reportedly collectively owed about $50 million and spearheaded by National Australia Bank, were keeping a close watch on the company and were receptive to restructure plans.
Israeli food company the Stauss Group bought the global brand in 2001 and operates stores in Israel, the US, Japan, Singapore, Russia and China.
Originally published as Max Brenner chocolate chain goes into voluntary administration
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