More than 400 jobs are to go at Australian confectioner Darrell Lea, which has new owners after almost two months in administration.

The company, which owns brands including Rocklea Road, has been sold to the Quinn family, which has assets in the pet food sector.

However, as part of the sale agreement, administrators PPB Advisory has announced plans to restructure the business, which will lead to the closure of Darrell Lea’s retail outlets.

Trading at the 27 outlets will end on Sunday. PPB said the stores had been “loss making for a number of years and did not attract any meaningful interest during the sale process”. The move will lead to the loss of 418 jobs.

PPB said Darrell Lea products will continue to be sold at licensed outlets, through wholesalers and overseas.

“This sale represents the best outcome for Darrell Lea and it ensures that this iconic Australian brand and its manufacturing operations can continue to operate locally and stay Australian-owned,” PPB’s Mark Robinson said.

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“Under the sale terms, 83 employees will be offered employment with the new owners, the manufacturing facilities will continue to operate, and Darrell Lea product will still be available through over 1,200 licensed outlets across Australia, through the existing grocery outlets and internationally in the USA, Canada and the United Kingdom.”