Burger King goes into receivership
The owners of the Burger King franchise in New Zealand have been placed in receivership.
Receivers, KordaMentha, say the fast food chain, which has more than 80 outlets around the country, had been significantly affected by the COVID-19 lockdown.
Brendon Gibson, partner at KordaMentha, says it's seeking support from suppliers and landlords to restart the business when the lockdown is lifted.
"The ultimate aim of the receivership is to get the business restarted post-lockdown and then transition the business to a new owner through a sales process."
He says financiers and the master franchise operator support this process.
The parent companies in receivership are Tango Finance, Tango NZ and Antares NZ.
Work and Income data showed Antares NZ had received about $11.5 million from the government wage subsidy scheme.
No detail on the amounts owed by the parent companies or who put them into receivership was immediately available.
One of the country's biggest fast food operators, Restaurant Brands, which operates the KFC, Pizza Hut, Taco Bell and Carl's Junior Burgers chains, has received $21.8m in wage subsidies.