“It’s pretty well destroyed our lives,” she says.
Bad case of corporate indigestion
Retail Food Group has been expanding for years, buying one retail food chain after another across Australia.
The Bankses started their Donut King store in early 2015 under a franchise agreement with Retail Food Group (RFG).
Gold Coast-based RFG is the country’s biggest food franchise operator, whose brands include Donut King, Brumby’s, Gloria Jean’s, Pizza Capers, Crust Gourmet Pizzas and Michel’s Patisserie. It has a market capitalisation of about $800 million and claims to have more than 2500 stores.
In November the couple reached breaking point. They cleaned the store, packed up the doughnut maker and coffee machine and took staff to a Christmas lunch at Sizzler to break the news that they had closed permanently.
“It was heartbreaking, but what could we do? We had run out of options.”