MELBOURNE: The footwear group behind High Street power brands Siren, Orbit and Verali has felt the brunt of yet another voluntary liquidation.
Cube Footwear has been listed as an unsecured creditor of Melbourne retail outlet Shoe Bizarre, barely two months after it endured an $800,000 shortfall in the collapse of footwear giant Figgins Holdings. According to a report from Shoe Bizarre liquidator Paul Vartelas, of accountancy firm B.K. Taylor & Co, the company owed creditors close to $725,000 at the time of his appointment.
While Cube Footwear dodged significant losses under Shoe Bizarre, with less than $10,000 owed, other players such as Omni Footwear ($116,309) and Subway Shoe Diffusion ($34,333) were less fortunate. SPS Imports, Lotus Shoes, Vago Imports, Prodigy Footwear and Dario Ferella & Co were also listed as unsecured creditors.
Shoe Bizarre director Dominic Labbozzetta attempted to dodge questioning by Ragtrader, claiming it was Shoo Biz, part of the collapsed Figgins group, which had just been placed into liquidation. Labbozzetta, who was forced to appoint liquidators for his ‘Willport’ business in 2004, later admitted his recent venture had also fallen through.
For more information pick up a copy of Ragtrader's April 9 issue.