Receivers have closed 11 of Pie Faces remaining company-owned stores after being appointed to one of the companys entities late last month, and the group could be facing a new owner in the near future with a number of parties expressing interest to receivers as part of a tender process for the business.
It is the latest development in a checkered two years for the Pie Face group, which was operating 70 company-owned and franchised stores when it fell into voluntary administration in 2014. The business was restructured and emerged from voluntary administration in early 2015 with around 50 stores, but it now has just 28 franchised outlets.
On October 31 receivers from insolvency firm OBrien P…
Read the full article at: http://www.smartcompany.com.au/finance/79231-pie-face-closes-company-owned-stores-ahead-possible-sale/