Administrators have been appointed to Melbourne-based menswear chain, Man to Man.

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

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 an urgent 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 Western Australia.

Stewart said that following a failed investment decision in a men’s footwear chain and tough retail trading conditions in 2014 the directors of Man to Man had resolved to appoint voluntary administrators.

“The business is continuing to trade normally while the administrators conduct a marketing campaign and seek offers for the sale of the business as a going concern,” said Stewart.

All employee entitlements are expected to be paid in full.