Sara Lee, the Australian dessert brand celebrated for its frozen delights such as cheesecakes, pies, and ice cream, has entered voluntary administration.
This move indicates the company's financial distress and inability to meet its financial obligations, according to the Australian Broadcasting Corporation (ABC) News.
The company's financial troubles have been exacerbated by increased operating costs and supply chain disruptions affecting its operations over the past year, the Sydney Morning Herald reported.
FTI Consulting has been appointed as administrator to provide guidance on the brand's future direction.
They are seeking to restructure and sell the business, while continuing operations.
"We are working with Sara Lee's management team and staff to continue operations while we secure the future of the business," FTI Consulting said in a statement on Oct. 18.
They added that they would work to achieve an outcome as soon as possible to provide clarity to staff and customers.
Sara Lee
The dessert maker has been manufacturing in Lisarow, New South Wales since 1971 and has been in the business for more than 50 years.
A household name in Australia, their desserts can also be found in most supermarkets in Singapore.
Currently, Sara Lee frozen pound cakes are still available at FairPrice, starting at prices from S$6.75.
Their cheesecakes can also be found at Cold Storage, with prices beginning at S$13.50.
Photos from Sara Lee Desserts