Hundreds of staff at an Australian restaurant chain have lost their jobs after its parent company fell into voluntary administration. The Botswana Butchery franchise, located in sydney, melbourne and Canberra, has ceased trading this week due to “significant cash losses”.
The venues offer up-market dishes, including caviar, freshly shucked oysters, and a gold leaf-covered 1.6kg Wagyu Tomahawk steak that will set you back $500. The move to close the three restaurants is expected to affect around 200 employees.
Insolvency firm BDO was appointed as administrators to help the restaurants’ parent company, Good Group Australia, find a way forward. BDO told Yahoo Finance shutting down the three Botswana Butchery venues was the only viable solution.
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“Prior to and during the Voluntary Administration, the groupās shareholders funded the trading costs of the groupās Australian operations, in an effort to turn around the groupās operations,” it said…
