Iconic dessert brand Sara Lee has collapsed and went into voluntary administration.
After over 50 years of manufacturing people’s childhood sweet treats, it has appointed business consulting firm FTI Consulting to handle its affairs.
This move is to restructure the company, with the possibility of a sale.
The decision came after it battled high operational costs and supply chain issues over the last year.
According to The Sydney Morning Herald, Sara Lee appointed FTI Consulting as its administrators on Tuesday (17 Oct).
Source: Sara Lee Desserts on Facebook
Over the last 12 months, the dessert maker has faced an increased cost of operations as well as supply chain issues. These factors hence contributed to this decision.
In a statement, Vaughan Strawbridge of FTI Consulting said they will immediately start a process to sell or restructure the business, while keeping operations running.
Strawbridge acknowledged that the company has been an iconic brand since its establishment in Australia in 1971, saying that they aim to “continue its long history of manufacturing in Australia”.
Currently, it has over 200 employees at its manufacturing facility on the Central Coast of New South Wales.
“We expect a lot of interest in the business and will work with those parties and stakeholders to achieve an outcome as soon as possible to secure the ongoing business and provide clarity to its loyal and committed staff and customers,” he said.
The dessert manufacturing business’ history goes as far back as the 1930s.
Source: Sara Lee Desserts on Facebook
Back then, a man from Chicago, Charles Lubin, made a fresh cheesecake and christened it Sara Lee, after his daughter.
Lubin then came up with a frozen line of products to meet the increasing demand for his cakes.
Now, the manufacturer trades in Australia, New Zealand, the Middle East, and South-East Asia.
The Straits Times reports that the products are still available in Singapore supermarkets, such as FairPrice and Cold Storage, at the time of writing.
Have news you must share? Get in touch with us via email at news@mustsharenews.com.
Featured image adapted from Sara Lee Desserts on Facebook and Facebook.
He was, however, allowed to retrieve the data from his phone.
She explained that her intention was to share the unique learning opportunity with her colleagues.
Give the deliveryman a warm hello the next time you receive a parcel from Shopee.
33 others were injured in the crash, believed to have been caused by a lorry…
The beggar has reportedly not showed up in the last few days.
The mother later called the driver to apologise for her outburst.