After struggling financially for a number of years, the cult Australian pizza chain Eagle Boys is in danger of shutting down for good. Today, the company went into voluntary administration which usually doesn't bode well for a business' future (just look at Dick Smith.) If you're a fan of its famously large Family Size pizzas, you better order a few while you still can.
Eagle Boys has collapsed into voluntary administration with administrators SV Partners called in to take stock of the company's finances, reports SMH. It's the latest -- and biggest -- blow to a company that was once considered part of the Australian pizza industry's "big three".
Prior to today's news, Eagle Boys had been on a downward trajectory for some time. Over the past few years it closed half of its outlets around the country and has been embroiled in several pay disputes with employees and franchisee owners. A buyout by NBC Capital was also thought to hurt the franchise, with the new owners allegedly cutting back on advertising and flyers.
According to an official statement from the company, all Eagle Boys stores will continue to operate while the Administrators' review is underway. If a sale is negotiated, the brand could live on for another day, but we wouldn't hold out much hope. According to data from the ASIC, of all companies that enter voluntary administration, just over one quarter (26 per cent) are saved.
This is pretty crummy news for cheap fast food fans. Eagle Boys has always been a personal favourite of mine and it was the first Australian pizza chain to offer pork ribs and chicken wings as part of its regular menu. We'll be sad to see it go.