An Australian chocolate manufacturer has collapsed and entered into voluntary administration after running for more than a century, according to Sky News. Ernest Hillier Chocolates, Australia's oldest chocolatier, announced on Wednesday that it had appointed voluntary administrators after struggling to keep up with operating costs, the outlet further said in its report. The Melbourne-based company produces more than 600 chocolate products. WLP Restructuring, which has been roped in by the company, is now urgently looking for buyers to "recapitalise or acquire the business and its assets".
"It's unfortunate that such a storied chocolate manufacturer has encountered distress amid rising operating costs, but we are working with all stakeholders to do everything possible to save this iconic brand," WLP Restructuring Partner Alan Walker said in a statement, as per Sky News.
"We are working closely with all affected parties as we move with urgency to understand the business' affairs and find a suitable buyer or investor," he added.
He said all production activity has been stopped and dozens of employees are set to lose jobs. However, Mr Walker clarified that these workers will be on standby to restart production for the next owners, if a sale goes through.
According to news.co.au, Ernest Hillier Chocolates has been operating since 1914 and its products are supplied across Australia and New Zealand.
This is the second time that the chocolate maker has faced bankruptcy in the last eight years. It went into voluntary administration in 2015, but had managed to turn the situation around.
The tough economic condition has forced several restaurants and food chains in Australia to succumb. Sydney-based Food chain Flipp Burger had gone into liquidation, days after another restaurant in the city, Little Viet Kitchen, was ordered by a court to close down after it failed to pay electricity bill.
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