“The Administrators sought to sell the Australian and New Zealand operations of the Jenny Craig Group as a going concern,with the intent of preserving as many jobs as possible and limiting the losses for creditors and sought offers from interested bidders,” FTI said.
“The bidding and sale process resulted in 15 interested parties participating,four of which
submitted non-binding indicative offers. Despite best efforts,the Administrators were unable to find a buyer.”
A report to creditors of Jenny Craig,as lodged with the Australian Securities and Investments Commission,indicated that administrators had trouble clarifying with the company’s US arm whether any new owner would be able to continue using the Jenny Craig name. This may have soured potential buyers.
Jenny Craig became a household name in Australia during the 1980s and 90s,known for its strict dieting and exercise regimes programs to help people lose weight. It changed hands multiple times in the 2000s.
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