The Caribbeans supermarket chain has announced that it will reopen on Monday, following a $30 million hole in its finances.
The store, which opened in 2009, has a stock of about 1,000 products, and was one of the country’s largest and most successful supermarkets.
The retailer has also apologised to customers.
It was one year after a similar hole in the company’s finances, and the company said it was looking at “further measures to strengthen its financial position”.
The supermarket chain had reported a loss of $3.4 million last year.
Caribie, which also owns other stores in the region, has been in a state of financial turmoil since 2012, when the company announced it was facing a “major restructuring” that included a $7 million debt write-down.
The supermarket was closed to new customers, and it had also announced it would close its flagship store in Port Elizabeth, Victoria, in May.
Mr Jorgensen said the chain would have to make a number of changes in order to stay afloat, including the sale of its retail property in Port Macquarie.
He said it had “significant assets to sell”, but that the chain had been “in a financial crisis for years”.
He said the plan would be to close the store in December.
“This will be a major setback to the business and it will mean the loss of thousands of jobs in the community,” he said.
“We’re not in a position to make this announcement at this stage.”
The company has been struggling since 2012 when it began selling the bulk of its product in bulk to the supermarkets.
Photo: AP “There’s a lot of uncertainty and a lot more uncertainty about what’s going to happen with our businesses, what’s the future of the company and what will happen to our staff,” Mr Jurgensen said.
He also said the company would continue to invest in its local community.
“There are a lot areas that are really important to us in the Caribee community that we’re not sure about,” he told ABC Radio Victoria.
“So we’ve got to be very, very careful in the long-term, as well as in the short-term.”
The supermarket is the second major Australian chain to close its doors this year.
On Tuesday, a competitor, supermarket giant Woolworths, announced it had closed down.
The two chains are similar in many ways, but Woolworth has more branches, more stores, and more staff.
The Carribbean supermarket chain opened in 2008 and is one of Australia’s biggest supermarkets.
It has a population of almost 4 million.
The company had reported revenue of about $1.5 billion last year, and profits of about half a billion dollars.
The closures had come amid a national crisis for Australian retailers.
The government is currently investigating the collapse of Woolworth’s, which has been facing a legal battle with creditors.
The Australian Competition and Consumer Commission (ACCC) is investigating the demise of Caribian.
The ACCC has been investigating the Carribie for six months.
“The ACCC’s investigation is focused on the alleged conduct of the Caribeans management and the ACCC expects the ACCCC to deliver a decision in this case within 18 months,” the ACCCA said in a statement.
“Given the complexity of the matter, the ACCAC is unable to make any comment further at this time.”
A Woolworth spokesperson said the supermarket had decided to close down its two stores in Melbourne, Adelaide and Hobart.
“Following extensive consultation with Woolworth, we are closing two stores for the time being, and will continue to work with our partners to resolve this matter in a manner that respects the rights of all consumers,” the spokesperson said.