In 2024 alone, customers have mourned the loss of countless construction companies, dairy brands, food retailers and clothing stores as they plunged into administration.
KPMG's David Hardy, George Georges and Emily Seeckts were appointed administrators of CJ's Group, which is the master licensee for Carl's Jr in Australia.South Australian dairy Beston Global Food Company went into voluntary administration after a Japanese takeover offer for one of its factories fell through ub September 2024.
Harrolds had been operating for nearly 40 years, with both bricks-and-mortar outlets, including in Melbourne and Sydney, as well as a more recent online store. "The legacy of stock losses during the COVID closure and higher operating costs has all taken a toll on profitability," said Robert Ditrich from PwC.Iconic cheese brand King Island Dairy said in September it will shut its doors next year after more than 120 years.
In an ASX announcement today, the book retailer said it had appointed McGrathNicol partners Keith Crawford, Matthew Caddy and Damien Pasfield to oversee the company's restructuring. The closures will impact 160 stores owned by the brand and impact roughly 480 employees, KPMG Australia, the Receivers and Managers of the Mosaic Brands group said in a statement today."The decision was made following a review of the performance of Katies as a brand and the wider store network," KPMG said in a statement."The stores identified to close have been loss-making, resulting in the decision to close them in January.
About 500 workers were sacked almost two months later and have been collectively owed an estimated $10.8 million in entitlements.Popular Australian craft beer company Hawkers entered voluntary administration in early 2024, but its founder has insisted "it's business as usual" for the team.