Updated

Womens footwear and accessories brand, Peeptoe Shoes, has been placed in voluntary administration.

The Sydney-based company, founded by Nikki Hager in 2007, cited a combination of pressures including high overheads and increased competition in the sector as the reasons behind its collapse.

Administrators, Janna Robertson and Rahul Goyal from KordaMentha, said the chain had closed several loss making stores including a boutique on Little Collins St in Melbourne’s CBD, Castle Hill in Sydney, and a third site in Brisbane’s Queens St Mall. Its Bondi Junction store will close over the weekend, as well as a pop up shop in Surfers Paradise at the end of the month.

Three stores, two in Sydney and one in Queensland, will remain trading, while its online store has temporarily shut down.

“After 8 years, PeepToe’s creative director and founder, Nikki Hager has made the tough but necessary decision to go into voluntary administration this week,” the company posted on its Facebook page.

“For 8 years I have lived and breathed everything PeepToe, and I thank all my loyal customers for supporting me over the years. I love PeepToe and I will be working through a restructure to keep The PeepToe brand alive,” Hager said.

The company’s main financier was the ANZ bank, which is believed to be owed around $900,000. Employee entitlements are expected to be between $150,000 to $200,000.

The business stated Hager is currently working with the administrators and the ANZ on a rescue plan to “provide a smaller yet stronger operation for 2014 to keep the brand alive”.

A major warehouse sale will take place from January 16 until January 24 in Alexandria, Sydney. A creditors meeting has been scheduled for January 16.