Despite its financial difficulties, the directors had continued trading while looking to sell the business. However, the recent Gympie Terrace flooding due to the heavy rains caused the business to close for a day or two. Due to unsuccessful efforts to sell the business, and given the temporary closure, the directors made the decision not to reopen and appoint a liquidator. Madmegs and Co closed down on December 11 after financial challenges due to COVID-19 and a flooding event. Mr Archer said the business had a small number of staff, all who were paid their entitlements prior to liquidation. Mr Malone and Damir Mikletic were the directors of the business.