Administrators are moving ahead with the closure of all 132 Payless Shoes stores after failing to find a buyer for any part of the retail chain.
Administrator Ferrier Hodgson said about 750 staff will be made redundant and that all employee entitlements are expected to be paid in full, with the first 13 stores shutting doors for the last time this coming Saturday.
“Despite an extensive marketing campaign we have not received any acceptable offers that would enable us to sell all or part of the business,” Jim Sarantinos, Ferrier Hodgson administrator, said in a statement.
Majority of the Payless Shoes stores are expected to close by the end of February except for the following stores with last day of trade will be on January 28: Payless Shoes stores in Ashfield, Campbelltown, Baulkham Hills, Dubbo Central, Moree, Bathurst and Carrum Downs in NSW; Dandenong, Horsham and Northland in Victoria; the store at Sunnybank Plaza, Queensland; and Kwinana and Mirrabooka in Western Australia.
Sarantinos said the latest outcome is, understandably, a very disappointing one for the business and its employees who have given loyal service to the business over a number of years.
He said as a result of the store closure program, a major stock realisation sale has recently begun. Significant discounts will continue for the remainder of the store closure program.
Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.