“I’m very numb,” says Zev Forman, founder of 5 & Dime, one of Melbourne’s best bagelries, who today announced he’s closing all three locations.

The two city shops – on Katherine Place and Collins Place – and a pop-up in Caulfield are closed, effective immediately, after what’s been a tumultuous few days for Forman.

“I met with a couple of financial advisers two days ago and they said the debt is too big to trade out of,” he tells Broadsheet. “I just don’t think I realised how quickly everything would happen.” He appointed a liquidator earlier today.

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“I was baking until midnight last night – I only gave my wholesale customers one day’s notice – and I had a charity event to cater. Then my staff came in at 9.30am and I had to tell them.”

Forman took to Instagram earlier today to share the news with his loyal following: “It has been a very hard few years in the CBD,” the Instagram story reads.

“I am heartbroken,” it continues. “The past 10 years had been a dream come true, before it became a nightmare. Thank you for all the support over the years.”

Forman, a New Jersey native, first launched 5 & Dime more than a decade ago, selling his real-deal boiled and baked New York-style bagels at farmers markets. He went on to open two permanent shops, but the impact of the past few years has been immense.

“After Covid and staff shortages and now people calling in sick, it’s just too much,” he says. “It’ll be a hard couple of months, but I think I’ll come out okay.”