A popular Japanese restaurant has put over a dozen of its venues into voluntary administration across the country, with inflation and pandemic costs being blamed.
Eight Okami restaurants in NSW have been placed into administration along with five in Victoria, two in the ACT and one in South Australia.
The all-you-can-eat restaurant chain has more than 50 locations in Australia, offering more than 30 different dishes on its menu. Restaurants affected areGlenunga in South Australia; Braddon and Mawson in Canberra; Ballarat, Camberwell, Hampton, Melton and Sunbury in Victoria as well as Camden, Cronulla, Dubbo, Marrickville, Pennant Hills, Penrith, Sutherland and Wagga Wagga in NSW.
Audit, tax and advisory firm Grant Thornton has been appointed with Phillip Campbell Wilson and John McInerney named joint administrators.
Mr Campbell Wilson said the 16 restaurants will run as normal through the Christmas period, lessening the impact on employees.
“The workforce at the restaurants comprises of approximately 250 employees encompassing full-time, part-time, and casual staff,” he said.
“The administrators have executed a Management Agreement with Okami Distribution to continue trading the businesses during the Voluntary Administration period.
“This approach is aimed at preserving business value and to provide an opportunity to consider a formal restructuring plan.
