Sara Lee goes bankrupt: Iconic frozen dessert company goes bankrupt after fifty years
Iconic frozen dessert company Sara Lee, which once had celebrity Sophie Monk as its advertising face, has gone bankrupt.
The Australian company – which has been in business for more than 50 years – is known for its frozen treats, including apple pies, cheese biscuits and ice cream.
In Monks’ ad, dressed in cream-colored silk pajamas and bathed in morning sunlight, she downed spoonfuls of crème brulee between singing the lyrics to Celine Dion’s power ballad All My Myself.
Vaughan Strawbridge, Kathryn Evans and Joseph Hansell of FTI Consulting have been appointed as volunteer administrators – and are looking for a buyer to take over the ailing business.
“The Australian Sara Lee company has a long history of producing desserts, including frozen cheesecakes, tarts, crumbles and ice cream, using high-quality, authentic ingredients,” the administrators said.
‘The Australian-based production company trades as Sara Lee under license from the global trademark owner, with rights to operate in Australia, New Zealand, South East Asia and the Middle East.
‘The appointment to the company is to pursue a restructuring and sale of the Sara Lee business while continuing to operate.’
Mr Strawbridge believes there will be a lot of interest in taking over the company.
“We are working with Sara Lee’s management team and staff to continue operations while safeguarding the future of the company,” he said.
“We are immediately commencing a process to sell or restructure the business and continue its long history of manufacturing in Australia.
‘We expect a lot of interest in the company and will work with these parties and stakeholders to reach a result as quickly as possible to safeguard the current business and provide clarity to the loyal and committed employees and customers.’
The company, which employs approximately 200 peoplewas founded in Lisarow, NSW in 1971.