Australian confectionery retailer Darrell Lea has gone under after 85 years in business.
Up to 700 jobs at Darrell Lea's franchises and company-owned stores, as well as its factory in Kogarah, NSW, are at risk.
The family-owned company, known for its Rocklea Road and soft licorice creations, has appointed insolvency firm PPB Advisory as voluntary administrators.
PPB's Mark Robinson said the firm would undergo an urgent review of Darrell Lea with a view to selling the business as a going concern.
The owners, the Lea family, have agreed to provide some short-term financial support during the sale process.
Darrell Lea's 69 company-owned and franchised stores will continuing operating as normal in the meantime.
Darrell Lea has stores in Australia, New Zealand and the United States.
"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.
- Sydney Morning Herald