Napoleon Perdis lenders have accepted a $1.6 million proposal to save the company that will see its 28 stores stay open and more than 250 employees keep their jobs.
Wang will undertake a restructuring of this business which will want to stabilise Australian operations before taking a look at international opportunities for the company, including in China.
The eponymous chain’s founder Napoleon Perdis wasn’t in attendance at the next meeting of creditors last night but will sign over his stocks and remain involved with the industry as a creative consultant.
Creditors voted overwhelmingly in favour of this deed of company arrangement proposition, which was supported by administrators Torres as an excellent choice to liquidation.
Unsecured creditors, including landlords and suppliers, are owed up to $26.68 million and are expected to obtain a yield between four and 13 cents on the dollar under the KUBA deal.
Significant providers Priceline and Terry White pharmacies affirmed the deed of company arrangement proposition.
Wang informs us she intends to try out the brand in multiple overseas markets and will begin testing the waters after Christmas 2019.
