A popular gourmet food retailer has launched a massive 40 percent discount closing sale, just months after announcing its sudden collapse.
The Essential Ingredient, which appeared as a specialty food brand on cooking show MasterChef Australia, went into voluntary administration at the end of September after almost 40 years in business.
The Australian company, known for its high-end grocery items, pantry staples and kitchenware, attributed its unexpected closure to rising rental costs and other expenses.
The online store is now permanently closed, while its Melbourne and Sydney outlets will remain open while stocks last.
It is unclear when the three brick-and-mortar stores will close their doors for good, but the Crows Nest store on Sydney’s north shore has announced it is closing sales, leaving loyal customers devastated.
“Oh God, my heart breaks, so many good memories and good people,” one said.
‘A really sad day. What a beautiful store. These places will be a thing of the past. Sending you love,” another shared.
‘No no! “This makes me very sad,” added one.
The Essential Ingredient on Sydney’s north shore has launched a massive 40 per cent discount closing sale, just months after the company announced its sudden collapse.
The Australian company, known for its high-end grocery products, pantry staples and kitchenware, attributed its unexpected closure to rising rental costs and other expenses.
The company was founded in 1986 and sells kitchen utensils, cooking equipment and culinary books from local and international suppliers.
Robert Ditrich, Rebecca Gill and Craig Crosbie of PricewaterhouseCoopers (PwC) Australia were appointed voluntary administrators at the end of September.
The Essential Ingredient directors Syd Weddell and Peter Walmsley then described the collapse as a “huge disappointment”.
The company had been unable to return to pre-Covid profitability, despite some post-pandemic growth investments, directors said.
“We are committed to working with PwC and our talented staff to continue serving our valued clients,” they said.
Administrators revealed the company had faced a “challenging” operating environment.
“The legacy of stock losses during the Covid lockdown and higher operating costs have taken their toll on profitability,” Ditrich said.
‘Our aim is to act quickly to preserve the business and as many jobs as possible. “We intend to continue negotiating and sell the business and assets as a going concern and are expecting strong interest from potential buyers.”