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Former Mad Butcher store placed in liquidation facing high costs and low margins
A former Mad Butcher franchisee was not making enough money due to rising costs and low-profit margins, liquidators say.
The company which formerly operated the Mad Butcher store in Papanui, Christchurch, went into liquidation last week.
Insolvency Management liquidator Wayne Deuchrass was appointed the store's liquidator last week, but at the time said it was too early to say what had happened.
Veritas Investments chairman Tim Cook was overseas and could not comment on the matter.
On Tuesday, however, the first liquidator's report for the store said it had ceased trading earlier this month after the franchisor was granted an injunction against it by the High Court in Christchurch.
Read the full article by Hamish McNicol > Business Day - Stuff.co.nz