Staff were informed of the voluntary administration on Tuesday afternoon, the Australian Financial Review reported.
A Hilco spokesman described the development as a “disappointing outcome, but the only available course of action given the circumstances”.
“Our intention has always been to fund Cue to restore growth and profitability,” he told the Australian Financial Review.
“This appointment will now provide an opportunity for a new owner to carry the Cue and Veronika Maine brands forward.”
The receivers said increased sales and other improvements were not enough to offset the company’s high overhead costs.
A spokesman said: “The receivers are continuing to trade the business while they undertake an assessment of the business and restructuring options available.
“A sale process seeking offers for business as going concerns will also commence immediately seeking to secure the future of the brands, a pathway to profitability and ongoing employment for staff.”
The appointments come just a month after Cue and Veronika Maine were put up for sale.