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SYDNEY, Australia (Blue MauMau) - It is estimated that more than half of the Midas Australia chain will begin closing this Friday; while in administration. Company staff have been advised of store closures this morning and that they will be advised of the state of their entitlements after Friday.
A number of company staff have raised concerns that they have "just lost pay, holiday pay and unpaid superannuation".
This move will remove unprofitable company shops and along with them, unwanted leases previously negotiated where a franchisee was expected to pay exorbitant rent. Along with company shop leases, it is expected that Midas will rid itself of something in the vicinity of 15 to 20 leases on already closed shops.
The new owners, expected to be John Fletcher and Lazard Carnegie Wylie (previously directors with Philip Bonney), will most likely be announced 12 January.