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#AceBreakingNews – Jenny Craig’s Australian and New Zealand operations is closing down after administrators failed to find a buyer for the weight-loss company’s physical stores.
FTI Consulting, who were appointed as administrators for the company on May 9, said Jenny Craig Australia and NZ would immediately cease trading from its stores and employees would be made redundant.
“Administrators have today advised all of the employees in Australia New Zealand that a sale of the business with the stores continuing to trade and staff continuing their employment has not been achievable,” FTI Consulting said in a statement.
No buyer could be found despite 15 interested parties participating, four of which submitted non-binding indicative offers, according to FTI Consulting.
“This has resulted in a decision to immediately cease trading from stores and employees being made redundant, which is an unfortunate outcome and one which the Administrators had sought to avoid.”
Administrators said the online capacity of the business will be sold to healthcare technology company Eucalyptus, which will continue to offer online weight-loss solutions to customers.
Jenny Craig Australia and New Zealand entered voluntary administration on May 9, less than a week after saying it would continue its local operations in the wake of the United States business filing for bankruptcy.
Jenny Craig was founded in Melbourne in 1983 by American couple Jenny and Sid Craig, who moved to Australia after signing a two-year non-compete clause related to the sale of another business in the US.
Jenny Craig in the US was acquired by HIG Capital in 2019 for an undisclosed amount.
The weight-loss empire provides pre-prepared meals, snacks, and weight-loss coaching, and has recruited a number of high profile ambassadors since its inception, including Magda Szubanski and Casey Donovan.
There will be another meeting of Jenny Craig Australia and New Zealand creditors on June 14.
It’s unclear how many staff will be affected by the closure.
The ABC has contacted FTI Consulting for comment.
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