Chocolate chain Max Brenner —the main source of content on Instagram feeds everywhere from 2011-2012— has gone into voluntary administration.
The Sydney Morning Herald reports that this move is the result of sluggish sales and rising costs. It is unclear how this decision will affect the chain’s 37 Australian stores, but for the meantime, it will be business as usual.
The companies directors appointed administrators McGrathNicol to perform an urgent review of the company. The administrators are currently assessing the prospect of selling Max Brenner or recapitalising the business.
The business is currently owned by husband and wife duo Tom and Lilly Haikin, who in The Financial Reviews 2013 Young Rich List, with $40 million.
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