Calombaris going bust

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The wisdom of wage theft for individuals and an economy once again on display, at Domain:

The hospitality empire of celebrity chef George Calombaris is on the brink of collapse and could be placed into voluntary administration as early as this week, with about 500 employees facing an uncertain future.

…The fate of 18 restaurants and fast-food outlets remains unclear. These include Melbourne CBD venue Gazi, souvlaki chain Jimmy Grants, Yo-Chi frozen yoghurt stores and Calombaris’ flagship fine dining establishment, Press Club, which became Elektra Dining in October.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.