Australia-based Darrell Lea soon could be for sale
Company under review, faces financial crisis
One of Australia's most popular confectionery companies soon could be up for sale.
Darrell Lea, known in the United States mainly for its soft-eating licorice, has brought in PPB Advisory to conduct an ongoing review of its business after growing concerns about the company's ability to meet ongoing financial obligations.
The company, an iconic Australian brand and a manufacturer and retailer of confectionery products, was founded in 1927 and currently is 100% owned by the Lea family.
In a statement, Mark Robinson of PPB Advisory, says the owners of the company have agreed to provide some short-term financial support while PPB does “an urgent review” of Darrell Lea.
“We will work with all stakeholders including employees and their representatives, licensees, customers and suppliers to ensure the business continues to operate effectively,” Robinson says.
News outlets throughout Australia reported the news with sadness. The Herald Sunheadlined its coverage “Nation stunned as Darrell Lea stumbles,” while the Northern District Timestitled it story, “Chocoholics in the northern district mourn Darrell Lea.”
Darrell Lea products are sold through 69 owned and licensed stores and 1,800 retail outlets across Australia, New Zealand and the USA. The company employs about 700 people across its Sydney-based manufacturing facility and its retail network.