Australian shoe retailer Betts has announced it will close 20 of its 35 retail stores as part of a massive restructure, after the business entered voluntary administration last week.
The company behind the Australian school shoe has made the decision to run as an online store, transitioning away from physical retail.
The fifth generation family-owned business grew from a single storefront in perth back in 1892 before growing its national footprint, peaking with 220 stores in its network.
This included flagship stores in sydney, melbourne and brisbane.
The retailer has previously closed down outlets in recent years, as it says it is responding to declining foot traffic and the trend towards online retail.
Pitcher Partner administrator Lindsay Bainbridge said a challenging retail environment led to the store closures.
“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,” Mr Bainbridge said.
“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.”
Mr Bainbridge…