Great news for Build-A-Bear Workshop fans, as the Australian arm of the company has been salvaged and will no longer face closure.
The retailer’s CEO, Gavin Port, has announced that a Deed of Company Arrangement had been approved by creditors. This move will save 200 local jobs.
Build-A-Bear has been saved from closure with 3 stores set to re-open
Build-A-Bear Workshop, a toy store which allowed children to build their own teddy bears and customise them with accessories, announced it was going into voluntary administration in March this year.
However, the company has been saved by its partners and three shops are set to re-open.
“[We are] very thankful for our partners’ support in ensuring the future of the business in Australia,” CEO Gavin Port said in a statement.
“We are very pleased to be able to continue offering the Australian guests with the unique experience Build-A-Bear has to offer.”
The three stores that will reopen as part of the deal are: Marion in SA, Miranda in NSW and Carousel in WA.
The popular toy store, a firm favourite among children to host their birthday parties, reported a 7.5% drop in revenue and blamed higher operating costs and rents for going into administration.
Thankfully, this has all been turned around.
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