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One Of Australia's Most Loved Takeaway Joints Has Gone Bust!

One of Australia's biggest fast food franchises has gone into voluntary administration because of a 'price war.'

Eagles Boys, which was Australia's third biggest pizza chain, called in the debt recovery team last Thursday.

The business has 120 franchises that will continue to trade while a potential sale is negotiated.

At its peak, the pizza chain had 340 stores but has slowly been closing them down.

"For Eagle Boys customers, franchisees, employees and suppliers it's 'business as usual' while the Administrators' review is underway," the company said in a statement.

The company was founded in Albury, New South Wales, in 1987 but has fallen victim to the price war with Domino's and Pizza Hut.

The chain had reportedly tried to raise $20 million in capital to keep itself alive, but has failed.

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