Lifestyle
Beloved cult bakery to shut down
Skyrocketing expenses have forced another beloved eatery to close its doors. Abbots and Kinney, a renowned bakery and café chain in Adelaide, announced the closure of its Croydon store as its lease was about to expire.
Richard Wilson, the managing director, shared the news on social media, expressing gratitude to the community. “You have shown us incredible kindness over the years, but sadly, our time here has ended,” he stated. “With expiring leases and rising costs, many businesses are being compelled to make difficult decisions.”
CreditorWatch reported that food and beverage businesses are the most susceptible to the current economic climate, with a predicted 7.45% failure rate over the next year. Consumer spending caution due to cost-of-living pressures, along with rising power prices, food costs, and labor shortages, are significant challenges facing the hospitality industry.