Cookie and coffee chain Mrs Fields Australia has been continuing its strong growth, despite the recent voluntary lodgment of an optional chapter 11 bankruptcy as part of the financial restructuring of the Mrs Fields Famous Brands operation in the States.
“There was no ripple effect from the US here in Australia, as our stores and supply chain are independently owned and operated,” said Australian managing director Andrew Benefield.
However, the US brand has alleviated 75 per cent of its debt, secured a $10 million credit facility to support the annual operational budget and gained a new group of owners and operators confident in the growth of the company.
Mrs Fields Australia has opened three new cafe style stores to add to their national count just this year. Consumer confidence in the long established natural treats and coffee franchise has seen continuing store sales growth in recent months despite the economic downturn.
“We are definitely on track with our national expansion and can see that despite global financial concerns people still indulge in our affordable and natural cookies, cakes and coffee treats,” said Benefield, who is currently setting up further stores ready for franchisees to operate.
Mrs Fields Australia was recently announced as being among the Top 10 franchises in Australia according to an independent industry survey.