Toy retailer Build-A-Bear Workshop Australia has been saved from collapse, following a creditor’s meeting on the future of the business.
In a brief statement, the retailer’s CEO, Gavin Port, said that a Deed of Company Arrangement had been approved by creditors, which will see Build-A-Bear Workshop continue to trade and will save 200 local jobs from vanishing.
Build-A-Bear Workshop Australia had entered voluntary administration on 13 March this year. The local arm is a franchise of the global retailer of the same name.
“[We are] very thankful for our partners’ support in ensuring the future of the business in Australia,” Mr Port said.
“We are very pleased to be able to continue offering the Australian guests with the unique experience Build-A-Bear has to offer.”
Three stores located in Westfield shopping centres will be reopened as part of the arrangement: Marion in SA, Miranda in NSW and Carousel in WA.
Administrators Lowe Lippmann have been contacted to confirm whether any stores have or will be permanently closed under the agreement.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.
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