Health-focused fast-food chain Sumo Salad is still searching for a buyer after the business went into voluntary administration late last month.
The Sumo Group, which boasts a network of 85 franchise stores, called in Ferrier Hodgson partners Morgan Kelly and Peter Gothard as administrators on July 18.
The administration process has an approximate timeline of 35 to 60 days, as Ferrier Hodgson scrambles to explore “rescue options” such as the sale of the business or reaching a compromise with creditors.
Because the chain’s individual stores are operated by franchisees the day-to-day operations of Sumo Salad’s have not yet been impacted.
Stores owned by Sumo Salad Holdings WA will also not be affected by the restructuring process.
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Read the full article at: https://finance.nine.com.au/2018/08/02/10/35/sumo-salad-still-searching-for-a-buyer-after-calling-in-the-administrators