All the retailers and businesses that went bust in Australia in 2024
This past year has been one of the toughest in recent memory for business owners in Australia.
In 2024 alone, customers have mourned the loss of countless construction companies, dairy brands, food retailers and clothing stores as they plunged into administration.
Business failures and voluntary administration has spiked to mid-pandemic levels thanks to the ongoing cost of living crisis.
Here are some of the companies you may recognise that collapsed or appointed administrators this year.
Read on to see them all.
Carl's Jr Australia
American cult burger chain Carl's Jr gave it a red hot go in Australia, however it sadly fell victim to the tough fast food landscape of Australia.
In July, the fast food franchise, which had big plans to expand across Australia, entered voluntary administration.
Carl's Jr opened its first store in Australia in 2016 and operated 24 restaurants Down Under by the time it collapsed.
KPMG's David Hardy, George Georges and Emily Seeckts were appointed administrators of CJ's Group, which is the master licensee for Carl's Jr in Australia.
As of now, the stores in Australia remain open.
Beston's Edwards Crossing Cheese
South Australian dairy Beston Global Food Company went into voluntary administration after a Japanese takeover offer for one of its factories fell through ub September 2024.
The dairy, which employs 159 people, said a "perfect storm" of pandemic-era debt, high interest rates and operating costs, and uncompetitive milk prices had forced it into administration despite recording $170 million in revenue in the last financial year.
The company produces the Beston's Edwards Crossing and Mables dairy labels, as well as exporting produce overseas.
Godfreys
In March, leading Aussie vacuum retailer Godfreys Group collapsed less than two months after it entered voluntary administration, with an estimated 193 jobs expected to be axed.
Godfreys Group announced at the time it would commence "a progressive wind-down of operations" in Australia and New Zealand after administrators were unable to find a new buyer.
In a statement, administrators from PwC said that "after conducting a comprehensive process to identify a purchaser for the business" there were "no viable offers to take the business forward".
Harrolds
Australian luxury fashion retailer Harrolds collapsed in October while owing more than $12 million.
The four entities that make up the Harrolds Group were placed into liquidation at the start of October.
In a statement provided to 9News, liquidator SMB Advisory put the department store's collapse down to the difficult post-pandemic economy.
Harrolds had been operating for nearly 40 years, with both bricks-and-mortar outlets, including in Melbourne and Sydney, as well as a more recent online store.
The Essential Ingredient
Australian gourmet grocer and online food retailer The Essential Ingredient collapsed into administration in October.
The food supplier, which has been in operation for 38 years, entered voluntary administration on Thursday and PricewaterhouseCoopers (PwC) has been brought in to oversee the company.
The Essential Ingredient said it would continue to trade business while it undertakes a sale process.
"The legacy of stock losses during the COVID closure and higher operating costs has all taken a toll on profitability," said Robert Ditrich from PwC.
King Island Dairy
Iconic cheese brand King Island Dairy said in September it will shut its doors next year after more than 120 years.
Parent company dairy giant Saputo has confirmed it will no longer operate King Island Dairy and will retire the brand in mid-2025 after it was unable to find a buyer.
Saputo Dairy Australia president Leanne Cutts said the decision to shutter the Tasmanian brand did not come lightly.
She revealed Saputo failed to find a buyer for the brand and also blamed the move to cease operations on the "changing industry".
Booktopia
Online book retailer Booktopia entered voluntary administration in July after failing to secure emergency funding.
In an ASX announcement today, the book retailer said it had appointed McGrathNicol partners Keith Crawford, Matthew Caddy and Damien Pasfield to oversee the company's restructuring.
In 2023, Booktopia opened a $12 million customer fulfilment centre, but a cutback on discretionary spending led to poor sales and a 21 per cent revenue drop.
Tupperware
Tupperware Brands, the company that revolutionised food storage decades ago, has filed for Chapter 11 bankruptcy protection in the US in September.
Just a few months later, it was revealed Tupperware would pull its operations out of Australia.
Tupperware reportedly decided to wind up manufacturing and sales Down Under, potentially resulting in around 10,000 consultants and 300 warehouse staff losing their jobs.
Ben Fordham broke the news on 2GB earlier this month and a listener claimed Tupperware production will now focus on core markets in the US, Canada, Mexico, Brazil, China, India, Korea and Malaysia.
Read more about it here.
Mosaic Brands
Fashion retailer Mosaic Brands, which operates stores Katies, Rivers and Millers, collapsed into voluntary administration last month.
And now, nearly 500 employees will lose their jobs as Mosaic revealed it would shut all of its Katies stores and 80 other shops across its retail brands.
The closures will impact 160 stores owned by the brand and impact roughly 480 employees, KPMG Australia, the Receivers and Managers of the Mosaic Brands group said in a statement today.
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