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Collapsed weight loss giant Jenny Craig has been unsuccessful in finding a buyer for its physical stores and will now "immediately cease trading" with all staff being made redundant, the business' administrators announced.
Jenny Craig Australia announced back in May it would continue to trade while administrators investigate options for restructuring the popular business, the move coming days after its US parent company officially filed for bankruptcy.
In a statement today FTI Consulting revealed it that "despite best efforts", a buyer was unable to be found and as result the company will be liquidated.
READ MORE: Why weight loss giant Jenny Craig faces uncertain future
"The Administrators sought to sell the Australian and New Zealand operations of the Jenny Craig Group as a going concern with the intent of preserving as many jobs as possible and limiting the losses for creditors and sought offers from interested bidders," the statement said.
"The bidding and sale process resulted in 15 interested parties participating, four of which submitted non-binding indicative offers.
"Despite best efforts, the Administrators were unable to find a buyer for the physical stores and employees of the Australian and New Zealand business.
"The Administrators have today advised all of the employees in Australia New Zealand that a sale of the business with the stores continuing to trade and staff continuing their employment has not been achievable.
"This has resulted in a decision to immediately cease trading from stores and employees being made redundant, which is an unfortunate outcome and one which the Administrators had sought to avoid."
READ MORE: Global weight loss company Jenny Craig 'on brink of closure'
Administrators "have agreed to sell the online capability of the business to Eucalyptus", the statement went on, which describes itself as healthcare technology company.
It will continue to offer online weight loss solutions to customers.
Jenny Craig became a household name, known for its strict meal programs to help people lose weight.
It offered person-to-person support with nutrition and lifestyle plans.
Celebrities, including actors Kirstie Alley, Jason Alexander, Mel B and singer-songwriter Mariah Carey were recruited to promote the company.
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