Shoo Biz to close

UPDATED STORY

SYDNEY: As first reported in Ragtrader online yesterday (January 7) Australian footwear giant The Figgins Group has confirmed it will close all 43 of its Shoo Biz stores, putting at least 220 staff out of work. 

The Melbourne-headquartered group, which also owns the Scooter, Mollini, Midas, The Emporio and Evelyn Miles brands, is believed to have fallen victim to the global credit crunch with flagging sales and escalating costs.

Refusing to return Ragtrader's calls yesterday, representatives from the Figgins Group this morning issued a press release confirming the reports. it is understood Shoo Biz store management were informed of the decision on Tuesday  (January 6) with remaining staff informed yesterday (January 7).

For more see the next issue of Ragtrader on sale January 16.