Wagamama, the UK-based Japanese restaurant, has closed its Australian branches as the franchisee has entered administration after one year SmartCompany reports.
When Edible Concepts Holdings, the master franchisee, entered voluntary administration all but one of its stores were operating profitably. It held two stores in Melbourne, four in Queensland, two in New South Wales and one in Perth that have all now closed.
Edible Concepts Holdings was placed in administration last October. At that time the company told M&C Report: “Wagamama notes the recent news regarding Edible Concepts Holdings, Wagamama’s Australian franchisee. The Wagamama group is supportive of the process to ensure the franchise is well placed for future growth.
“It firmly believes that there is significant potential for the iconic brand in the Australian marketplace, which is reinforced by strong research results amongst consumers and looks forward to continuing to offer its Australian customers the unique Wagamama experience.”
Wagamama announced via Facebook that it is seeking new franchise partners in Australia and is hoping to re-open some of its restaurants soon.
FTI Consulting has been appointed as the liquidator.
