The gourmet food chain announced last week that it had been put into voluntary administration.

As well as two stores in Melbourne and one in Sydney, the business has an online store and a wholesale business that supplies restaurants and other hospitality businesses.

It employs more than 60 people.

Its directors Syd Weddell and Peter Walmsley say the business' collapse is an "enormous disappointment".

"Following our post COVID investments for growth, we faced economic headwinds which have not enabled us to realise the expectation of returning to pre COVID profitability," they said.

Its admin is being handled by PwC and it has set the first creditors meeting for October 9.

"[Stores] will continue to trade while the Administrators undertake a sale process," PwC says.

"The Administrators aim to move quickly to preserve as much of the business and as many jobs as possible."

Lets hope they salvage the famous truffle oil.