The administrator of collapsed snack business Johns Nuts says franchisees have been left in a very challenging condition after the company entered voluntary administration at the end of January.
On January 30, Michael Caspaney of Menzies Advisory was appointed to the five companies that operate the Johns Nuts business, a kiosk-style snack food operator that had seven sites across Victorian shopping centres.
On Thursday, administrators locked in a second creditors meeting for next March 1, with Caspaney awaiting claims from creditors, including retail landlords, to establish the overall liabilities of the company.
He says the total amount owed could end up being multiples of $100,000.
The exact start date of the business is uncl…
Read the full article at: https://www.smartcompany.com.au/industries/retail/johns-nuts-administration-could-hurt-franchisees/
