- Seven paint and sip studios affected
- Seven employees were laid off
The company behind the popular Pinot & Picasso studios has been declared bankrupt.
Veuve Ventures Pty Ltd, owner of seven Pinot & Picasso studios in Australia, had a receiver appointed last Thursday.
The collapse has left seven studio employees laid off.
Other Pinot & Picasso studios in Australia are not affected by government.
In recent years, the painting and wine studios have grown enormously. Customers can take an art course here while enjoying a glass of wine.
Sule Arnautovic of Salea Advisory has been appointed as administrator and said there were 16 full-time and 41 temporary staff working in the affected studios.
According to Salea Advisory, Veuve Ventures executives attribute the collapse to “a reduction in discretionary consumer spending as Australians and other customers look to tighten their entertainment budgets”.
Mr Arnautovic said he was taking action as quickly as possible to save businesses and jobs.
“For current franchisees and customers, my goal is to minimize the impact on business operations and ensure that business operations remain as consistent as possible during this time,” he said.
There’s more to come
