Calombaris empire could be liquidated
The administrators of George Calombaris' restaurant empire are recommending the companies be liquidated, with some new food venues set to open in their wake.
Advisory and investment firm KordaMentha says it has sold Jimmy Grants in Fitzroy and Hellenic Republic Brunswick, and is finalising the sale of Hellenic Republic Brighton, Hellenic Republic Kew and Jimmy Grants Emporium.
It has negotiated a sale of assets to landlords.
For most of the company's other establishments - the Hellenic Hotel in Williamstown and Jimmy Grants in Ormond, Richmond and St Kilda - its assets on site will be sold off in an online auction conducted by Hymans.
The main items of value are alcohol inventories, with perishables already given to a food rescue charity.
It wasn't feasible to collect the alcohol at Jimmy Grants in Chadstone.
Post-liquidation, KordaMentha doesn't expect the group to have the $1.34 million it estimates it owes employees, including $368,336 in unpaid annual leave and $900,496 in termination entitlements.
KordaMentha says it if the company is liquidated, employees should be able to collect any unpaid entitlements from the government's Fair Entitelments Guaranteee scheme.
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