Max Brenner, the fancy-pants chocolatier chain which yesterday appeared to have been saved from liquidation, has again been hurled into turmoil by the surprise news that huge takeover bid was denied.
The Sydney Morning Herald reports that investment group Tozer & Co, which had tendered a bid to take over the flagging business, was knocked back from securing the company by liquidators BDO.
That seems to have come as a shock to David Tozer, who told the paper he was “literally surprised” by today’s revelation.
It is not yet clear why Tozer & Co’s bid was denied, but BDO business restructuring partner Andrew Salloway said the business will “continue as usual” until Max Brenner secures another financial lifeline.
This week, it was revealed the chain owed creditors a cool $33 million. Over half of Max Brenner stores around the nation have also been closed as the company treads water.