A closed Pie Face outlet in the Melbourne CBD
Fast food retailer Pie Face has emerged from voluntary administration with a new chairman and a smaller store footprint but a prospective buyer has labelled the administration process as “disgraceful”.
While few Australian companies will survive a voluntary administration, Pie Face creditors voted on December 30 to support a Deed of Company Arrangement (DOCA) that would allow the company to avoid liquidation.
Fairfax reports Pie Face director and former federal Liberal MP Andrew Thomson has been appointed as chairman of the company and co-founder Wayne Homschek will remain on the Pie Face board. According to another Fairfax article, Kevin Waite has been retained as chief executive.