Darby’s Pies will shut its 27 stores this afternoon, leaving 120 people unemployed.
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The Herald reported in April that the business had been placed into voluntary administration with debts of more than $1 million.
Administrator Brad Morelli said he was hoping to keep the shops open and preserve jobs while he worked on a plan to sell or restructure the business.
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But on Monday owner Victor de Vries said he had no choice but to close down.
"We stretched it as far as we could to give the staff as much chance as we could but no, just didn't happen,” he said.
"There's just no come back from where we are. There's nothing left personally of in the business."
Staff will receive their full entitlements.
Mr de Vries blamed two warm winters and the rise of online shopping leading to fewer customers in the big regional shopping centres, where many of Darby’s stores are located.
“If I had 20 Darby Streets it would be all right,” Mr de Vries quipped, saying that trading was stronger at stores such as Darby Street at stand-alone addresses.
On the Central Coast, Darby’s Pies has six stores, including at Lake Haven and Tuggerah.