Australian chocolate retailer Darrell Lea, which has stores across Australia, New Zealand and the United States, was forced to close 32 outlets Thursday as it battles to stay in business.
The confectionery firm, an iconic brand in Australia that was set up in 1927 and is still owned by the same family, was placed into voluntary administration on July 10 over concerns about its ability to meet its financial obligations.
PPB Advisory, which has been placed in charge of administering the company, said it had no choice but to shut Australian shops with immediate effect, with the loss of nearly 200 jobs.
"While this is a very unfortunate development, our objective at this time is to make Darrell Lea more attractive to potential purchasers and help protect the interests of the remaining 480 employees," it said.
"These store closures are an important step in achieving these."
The closures will leave 34 Darrell Lea branded shops in Australia.
The company also has a presence in Europe, Britain, Canada and South Africa.