Fast-food chain Pie Face is heading towards profitability for the first time in a long time, as its receiver flags the business will be sold shortly.
But the one-time, high-flying, hot-pie business has left behind a trail of destruction.
Secured debt is $4 million and unsecured debt is estimated to be under $5 million with employees alone owed more than $1 million.
And the listed Retail Food Group, which owns Di Bella Coffee, has made an application to wind up Pie Face Australia in the Queensland Supreme Court over an unpaid debt. RFG declined to comment.
But Liam Bailey, partner at insolvency firm O’Brien Palmer…
Read the full article at: http://www.smh.com.au/business/retail/pie-face-receiver-says-business-is-close-to-profitability-and-sale-20170113-gtqx14.html