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Licorice Maker Darrell Lea Sold
Posted By rjackson On September 5, 2012 12:03 AM In | No Comments
Kogarah, Australia — Darrell Lea Chocolate Shops Pty Ltd. has been purchased by the Quinn family, which owns V.I.P. Petfoods (Aust) Pty Ltd., in a deal expected to close this week, according to financial consultant PPB Advisory.
The sale includes Ricci Remond Chocolate Co. Pty Ltd., PPB says.
Darrell Lea will continue manufacturing and sales through a network of 1,200 licensed retailers, current wholesale customers and export channels. However, 27 company-owned stores in Australia will close effective September 9, and more than 400 employees will be displaced as a result of restructuring, the firm explains.
Mark Robinson, of PPB Advisory, says: “This sale represents the best outcome for Darrell Lea and it ensures that this iconic Australian brand and its manufacturing operations can continue to operate locally and stay Australian-owned. The sale follows an extensive review of a number of offers presented to PPB Advisory, and we are confident that the Quinn family has the necessary skills and experience to take the business forward.”
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