Burger King sold for $30m Icebreaker jobs on the line

Troubled fast food chain Burger King has been sold to Tahua Capital for $30.48 million. Burger King is the second fast food chain bought by Tahua after the investment group bought the New Zealand Starbucks franchise in 2018. Secured creditors, including some banks, were owed more than $50m, according to receiver Brendon Gibson’s report. The sale of Burger King New Zealand franchise in October followed a turbulent decade for the business. The franchise was owned by Antares Restaurant Group, which was bought by United States private equity firm Blackstone Group under the name of Tango Holdings in 2011 for $108m. Blackstone Group tried to sell the business in 2019 but was unable to find a suitable buyer. The burger franchise was put into receivership in April last year. A compromise deal with reached with Burger King’s secured creditors, allowing the company to continue trading. However, five Burger King restaurants closed as part of the deal.

Up to 50 jobs are at risk in a restructure of clothing company Icebreaker. United States parent company VF Corporation has announced that from October 1 Icebreaker Limited, will cease to exist. The business will instead be split into three entities, two of which will continue to be based at the head office site in Auckland and one at VF International in Switzerland. Icebreaker global brand president Jan van Mossevelde said Icebreaker was in discussions with staff. The new organisation was still being finalised but about 40 to 50 jobs were likely to be lost by September 30, van Mossevelde said. ‘‘Following a strategic review in line with the aspirational goal to double the icebreaker business by 2025, VF has taken the decision to restructure its icebreaker business to enable future brand growth.’’ Icebreaker has 16 shops in New Zealand, six in Australia and 15 in North America. The changes to the business will not affect the shops, van Mossevelde said. Icebreaker was launched by Jeremy Moon in 1995.