Launched in Australia back in 2017, Miniso is headquartered in Guangzhou, China,
It is understood the company suffered from a lockdown decline in foot traffic, and it did not have a very strong e-commerce strategy.
Minisos local landlords, including ASX-listed centre owners Scentre Group, GPT Group, Vicinity Centres and Stockland, are not receiving rent payments during the pandemic.
Other creditors, including ANZ Bank, the Australian Taxation Office and parent company Tabata Holdings, are owed more than $6 million combined, with the China-based parent the largest creditor.
Earlier this month an application was granted to the joint and several voluntary administrators of Miniso Master Franchisee Pty Ltd toextend the convening period for …
Read the full article at: https://www.propertyobserver.com.au/finding/commercial-investment/retail/116690-discount-retailer-miniso-australian-master-franchisee-collapses-into-voluntary-administration.html