One of Australia’s longest-running retailers has entered voluntary administration and will slash its store portfolio.
Founded in perth in 1892, family-owned Betts has been passed down through five generations. At its peak, Betts operated nearly 220 stores; the restructuring process under voluntary administration will see the closure of 20 of its remaining 35 outlets.
Lindsay Bainbridge of Pitcher Partners melbourne has been appointed to oversee the restructuring of the business. He said that the affected stores are unprofitable, and added that slumps in consumer sentiment, joined by higher fuel prices and business costs, meant that keeping them open was untenable.
“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,” 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.”
Heavy sales are expected to begin later this week across the full range of Betts’ products.
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