Surfstitch administrators have issued a statement surrounding yet another proposal to save the surfwear etailer.
On Thursday, independent Surfstitch non-executive director Abigail Cheadle withdrew her original bid to salvage Surfstitch.
In line with this, a second Cheadle Group Proposal, has been issued to creditors.
Despite the revised offer, administrators John Park, Quentin Olde and Joseph Hansell have remain unmoved.
The trio have backed a deed of company arrangement put forward by EziBuy.
"Despite a receipt of the Second Cheadle Group Proposal, the Ezibuy Proposal is superior and results in a better return to creditors."
Surfstitch has had more than $500 million in shareholder value wiped in under three years, with class actions and the appointment of administrators among its woes.