Australia's largest independent shoe retailer Payless Shoes may soon be salvaged, with the discount footwear chain attracting significant attention following its fall into administration late last month.
The retailer, which operates over 230 stores nationally with approximately 1,400 employees, went into voluntary administration on September 21, with Deloitte Restructuring Services partners David Lombe and Vaughan Strawbridge appointed to the case.
The company has since been put up for sale, and has generated “quite a lot of interest, both offshore and in Australia”, according to Deloitte.
Commenting on the sale, both administrators from Deloitte said it is their strong preference to sell the entire business and all assets to a single acquirer, however, they may consider offers for particular parts of the business or specific states.
Official expressions of interest, along with a progress report on initial findings by administrators are expected to be released later this month, following a first creditor's meeting which occurred on October 4.
Payless Shoes was established in 1980 and owns brands such as: Duke, Cassidy, Nova, and Alchemy. Key third party brands stocked by Payless Shoes include Ezywalkin, Blundstone, Grosby, Slazenger, Bisley and Airwalk.