The Australian master franchisee for multinational discount retailer Miniso has collapsed into voluntary administration after the COVID-19 pandemic saw sales tank in recent weeks.
Miniso Master Franchisee Pty Ltd, the main revenue generating entity associated with Miniso’s business in Australia, appointed administrators from Grant Thornton earlier this week, owing an estimated $14.6 million to creditors.
The business, operated under a brand license from Hong-Kong based Tabata Holdings, is one of several companies associated with Miniso’s Australian arm, and is responsible for most of the retailer’s local leases – including support offices in melbourne and sydney.
Miniso has 31 trading stores in Australia. However, about a dozen franchises, and eight other stores owned under various joint venture arrangements, are not in administration.
These stores are nevertheless heavily reliant on the master franchisee, which holds and distributes stock to related parties on behalf of Miniso’s China-based parent company.
The administration does cover a further nine stores wholly owned by Miniso itself, SmartCompany has confirmed.
“It would appear from our early enquiries that the company entered into voluntary administration…
