Is this the end for Pie Face? Fast food store goes into voluntary administration 

  • The Australian franchise is having its operations reviewed by advisory and consulting firm, Jirsch Sutherland
  • Founder and former Wall Street banker, Wayne Homschek, said 'parts' of the franchise, 'were still profitable'
  • He assured that Pie Face's 'international businesses are not affected', as two stores prepare to open in the Middle East for the first time this week

By LILLIAN RADULOVA FOR DAILY MAIL AUSTRALIA

Published: | Updated:

One of Australia's most recognisable pie store franchises has resorted to voluntary administration in an attempt to restructure the business.

The founder of Pie Face, former Wall Street banker Wayne Homschek, has given his global company over to the advisory and consulting firm, Jirsch Sutherland, who are 'conducting a review of operations', Fairfax reports.

While the company insists that 'it's business as usual', reports of the closure of six out of seven New York stores have surfaced.

Pie Face was founded in 2003 with the first 20 stores opening within the first five years of the company's launch 

Pie Face has gone into voluntary administration under the advisory and consulting firm, Jirsch Sutherland, who are 'conducting a review of operations'

Rod Sutherland from Jirsch Sutherland confirmed that some of the company's stores were losing money.

The founder of Pie Face, former Wall Street banker Wayne Homschek, said sections of the franchise, were 'still profitable'

The founder of Pie Face, former Wall Street banker Wayne Homschek, said sections of the franchise, 'were still profitable'

Meanwhile, The Australian reports that Victorian store owners were told that up to a third of Australian Pie Face stores could face closure as soon as next month.

However, Mr Homschek told Fairfax that sections of the franchise, which is known to sell meat pies, pastries and sandwiches until the early hours of the morning, were 'still profitable'

'We're potentially going to refinance Macquarie Capital and are looking at bringing in new senior lenders,' Mr Homschek said.

Pie Face was founded in 2003 with the first 20 stores opening within the first five years of the company's launch.

There are currently 65 stores in operation, according to the Pie Face website.

The company has assured that their 'international businesses are not affected', as two stores prepare to open in the Middle East for the first time this week.

Daily Mail Australia has contacted Pie Face for comment. 

The fast food chain will continue to operate, but the deal will see many creditors lose up to 86 cents in the dollar

The company has assured that their ‘international businesses are not affected’, as two stores prepare to open in the Middle East for the first time this week

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