Popular Japanese restaurant Okami has placed more than a dozen of its venues into voluntary administration across the country.
The all-you-can-eat restaurant said the effects of the pandemic combined with rising inflation led to a decline in sales.
Impacted venues include eight in NSW, five in Victoria, two in the ACT and one in South Australia. A full list can be found below.
Grant Thornton’s Philip Campbell-Wilson and John McInerney were appointed joint administrators on December 15.
“Based on our initial discussions with the founder of the Okami business, they believe there has been a lag effect from the COVID-19 pandemic combined with inflationary pressure on costs which has led to a decline in sales and escalated operational costs,” Campbell-Wilson siaid.
“Our investigations on this point have only commenced.”
Campbell-Wilson confirmed the venues would however remain open during the busy holiday period, in welcome news for its 250 staff.
“This approach is aimed at preserving business value and to provide an opportunity to consider a formal restructuring plan,” he said.
“We have committed to funding the…
