Dealer Suddenly Cancels Sale of Chocolate Company Assets

A deal to sell the assets of Max Brenner Australia was cancelled at the last minute. Max Brenner is an international chocolate company that was founded in Israel in 1996. Since then, it has opened numerous stores in other countries, including Japan, the Philippines, and Australia. Recently, however, Max Brenner Australia could no longer sustain its operations due to increasing costs and other challenges. As a result, half of its stores are bound to close. In an attempt to keep Max Brenner Australia running, the owners of the company worked out a deal to sell the Australian stores. An agreement was reached to sell the stores to Tozer and Co., which invests in struggling companies. Investment firm Binder Dijker Otte (BDO) was the facilitator of the sale. However, BDO suddenly announced that the sale was cancelled for reasons still unknown. A BDO representative said that it would continue to look for other buyers. Tozer and Co., however, was disappointed over the cancellation and considered taking legal action against BDO. Current staff members of Max Brenner Australia took their grievances to social media after finding out that they may not be paid anymore from October 17 onward. After the outrage from Max Brenner employees and Tozer & Co., BDO clarified what had happened. According to a representative, the only cancelled deal was the agreement for Tozer and Co. to purchase Max Brenner Australia’s assets. These include the stores, stock, equipment, and staff. The deal to purchase the license to run Max Brenner Australia, however, was still effective. In other words, Tozer & Co. could already operate Max Brenner Australia, but with its own resources, employees, and stores.