The Australian arm of customisable toy retailer Build-a-Bear Workshop has been placed into voluntary administration, hours after its listed parent company in the US reported a 7.5% drop in revenue and sluggish growth in international markets, partially blamed on the collapse of Toys R Us and issues posed by Brexit.
Matt Sweeny and Gideon Rathner of Lowe Lippman were appointed as administrators of the company yesterday, which is a franchised entity of the US company that opened its first store in Bondi 14 years ago in 2004.
The company has 30 stores and other retail outlets across Australia, with 10 of those set to close over the next two weeks. Those stores include the ones at Logan Hyperdome, Kawana, Mt Ommaney, Werribee, Eastland, Gar…
Read the full article at: https://www.smartcompany.com.au/business-advice/strategy/build-a-bear-australia-voluntary-administration/