Twenty Man to Man stores will close their doors, less than a month after the Melbourne-based menswear chain was placed in voluntary administration.

Ferrier Hodgson partners, James Stewart and Brendan Richards, were appointed voluntary administrators of Toman Investments and Man to Man on December 17.

The closures will include underperforming stores in the ACT,  NSW, Queensland, South Australia, Victoria, and Western Australia.

Ferrier Hodgson has advised that staff affected by the closures will be given opportunities in similar roles and locations “wherever possible”.

Administrator, Brendan Richards, said that while the store closures were regrettable, they were necessary for the survival of the remaining stores.

”Our task as voluntary administrators is to make the business as profitable and attractive as possible so that new owners can see the value of investing in the future growth and stability of Man to Man,” Richards said.

”With this restructure, we are confident that our ongoing discussions with interested parties will result in a positive and speedy outcome for the business and its dedicated staff.“

Established in 1981, Man to Man has 82 stores in Australia, with the majority located in regional and supermarket based shopping centres.

Ferrier Hodgson is hoping for a sale of the business, with creditors are owed around $28 million.

Trade creditors and landlords  are owed $7 million; related parties $13 million; and other creditors $8 million.

Man to man employs more than 400 staff and has a turnover of more than $39 million in FY2014.

The majority of stores are located in Victoria, followed by NSW and WA.