King of Knives in voluntary administration but franchisees unaffected
The kitchenware retailer King of Knives has gone into voluntary administration but the franchised outlets are not involved in the action.
Insolvency firm BRI Ferrier has been appointed administrator to the King of Knives Holdings, King of Knives Pty Ltd [which includes about 40 company owned stores which are still trading] and King of Knives Franchising.
However the 12 franchised outlets remain a separate entity unaffected by the appointment of administrators.
A spokesperson for BRI Ferrier told Franchising the franchises are not linked to the administration, have their own suppliers, and are continuing to trade.
The first creditors' meeting will be held next Friday. A deed of company arrangement is a possible outcome which would see the business returned to the directors.
- King of Knives has been established for 26 years, and has the retail-experienced Ron Baskin heading up the business.
Read more about the growth of the business here.