Famous shoe retail company Payless Shoes has stepped into the voluntary administration. However, their stores continue to trade as normal according to smartcompany.com.au
History of Payless Shoes
Payless Shoes started the business in 1980, and it was operated under voluntary administration before. They have around 130 stores across Australia and looks like they face the same financial problem again.
Last time it was sold to a US buyer name Payless Shoe Source in early 2013. This acquisition happened just after the company went into voluntary administration in 2012.
Earlier this month we announced about the three more brands are filing bankruptcy before the Christmas. It is very hard to find a reason why fashion retailers are going bust just before the biggest shopping season of the year.
Read Related Articles here
Payless Shoes voluntary administration conducted by Ferrier Hodgson. In a statement, they mentioned below.
The administrators are yet to determine the main causes of the company’s current financial situation but immediately called for expressions of interest from potential buyers to purchase the business as a going concern. Source: SmartCompanies.com.au.
Related Article: Debtor Finance
The company employee more than 850 employees. These employees might concern about their jobs moving forward. We hope the 36-year-old Australian shoe business will continue under a new owner soon.