Late night fast food franchise Pie Face is closing stores in NSW and Victoria in the wake of being placed in voluntary administration last week.
The AFR reports that administrators Jirsch Sutherland confirmed closures were occuring but did not cite a number, however, sources said five company-owned stores in Melbourne were shut today.
Pie Face has 72 stores in Australia: 43 franchised, 29 company-owned. The AFR speculated that 80% of the stores it had would close, however owner Jirsch Sutherland declined to comment.
Franchisees, administrators and management are due to meet next week. The true financial position has yet to be revealed but Macquarie Capital has emerged as the company’s biggest financier.
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