Source : THE AGE NEWS
Betts, one of Australia’s oldest shoe retailers, has called in voluntary administrators and will shut half its stores as it undertakes a massive sale.
The retailer, which has 35 remaining stores across the country, will close 20 of its stores, with the remaining to stay open as the business transitions to online-only.
More than 120,000 pairs of shoes and accessories will be heavily discounted as administrators from Pitcher Partners assess the business.
“Australians grew up with Betts shoes, they know and love the brand, and we believe it has a strong outlook as a more streamlined operation,” said administrator Lindsay Bainbridge.
“But the retail conditions and falling foot traffic in a lot of centres just are not sustainable for the business. We will close some stores, focus on strengthening others, and continue the company’s plans to expand retail online.“
More to come.
Jessica Yun is a business reporter covering retail and food for The Sydney Morning Herald and The Age.Connect via X or email.
