Around 180 jobs are at risk after a popular restaurant chain in Sydney, known as Elements Dining Group, filed for voluntary administration.
The company’s five restaurants, which are located in various areas such as Wooloomooloo, Darlinghurst, Pyrmont, Walsh Bay, and Haberfield, are now part of the administration process.
Phillip Campbell-Wilson and John McInerney of Grant Thornton were appointed as the administrators of the company.
They stated that their goal is to preserve the company’s value and give its owners an opportunity to come up with a restructuring plan.
According to McInerney, the company’s workforce consists of around 180 individuals, which includes both full-time and part-time workers.
All of them will continue working during the administration period.
The administrators of the company noted that the primary creditors of the company are the tax office and various related entities.
However, they are still conducting a detailed investigation to identify the other possible creditors of the company.
In December last year, Okami, a Japanese restaurant chain, was placed into voluntary administration due to the rising cost of COVID-19.
Around 120 workers of the popular Sydney pizza chain Bondi Pizza were left unemployed when the company entered into administration earlier this month.
The administrators attributed the company’s financial situation to the restrictions imposed by the COVID-19 pandemic.