A popular burger chain has gone bankrupt, with owners blaming cascading interest rates for the decision to close shop.
Wing Fix closed its two locations in Coorparoo and Newmarket, in Brisbane, on November 13.
Owners Peter and Ross Jacobi are devastated as Mr Jacobi admitted the past five years had been difficult.
“You probably can’t write a worse performance for the hospitality industry in particular, but for small businesses or even for business in general,” Mr Jacobi told the Courier mail.
“It’s been very tough over the last five years, but especially over the last two years, since the successive interest rate increases, something that the hospitality industry or small businesses haven’t really had to go through.”
Mr Jacobi said the brothers are heartbroken following the collapse of the popular eatery due to rising operating costs.
The siblings started the restaurant seven years ago from a market stall.
Mr Jacobi revealed that the cost of staples such as fresh produce and dairy products has increased by as much as 15 to 25 percent.
Wing Fix closed its two locations in Coorparoo and Newmarket, in Brisbane, on November 13 (Wing Fix store photo)
“When you combine that with a decline in sales and already good margins… it has to become more expensive to become more viable for the company,” he said.
The closure of the restaurants was announced in a social media post last month.
“Unfortunately, unprecedented economic times and rising costs have forced us to make the very difficult decision to close our doors,” the release said.
‘We would like to thank everyone, past and present, customers, staff, landlords, suppliers who have made this journey with us.
“Thank you Wing Kings and Queens… it’s not goodbye for us, it’s just see you later.”
Owners Peter and Ross Jacobi revealed the popular eatery has been hit hard by the rising costs of staples such as fresh produce used to make their products (pictured)