Administrators for Peeptoe speak to ragtrader.com.au about what lies ahead for the embattled footwear brand.
As reported on ragtrader.com.au yesterday, insolvency and restructuring firm KordaMentha has been appointed to the business.
Administrator Rahul Goyal confirmed the appointment took place on January 6.
Secured creditor ANZ is owed $900,000, with employee entitlements expected to be between $150,000 to $200,000.
Goyal also expected unsecured creditor claims to be less than $1 million.
Three Westfield stores are continuing to trade, including Carindale (QLD), Sydney City (NSW) and Parramatta (NSW).
A pop-up store in Surfer's Paradise (QLD) will also continue to trade until the end of this month, with a warehouse sale in Alexandria also scheduled to take place next week.
Retail stores in Queen Street Plaza (QLD) have been closed, along with Castle Hill (NSW) and Little Collins Street (Victoria) with Bondi (NSW) set to close this Sunday.
Goyal said Peeptoe founder Nikki Hager is currently working on a Deed of Company Arrangement (DOCA) to secure the future of the brand.
Hager is working on a plan with ANZ, renegotiating leases for existing stores and arranging finances for creditors.
Rahul said the collapse was due to high overheads, high rent and landlord demands, a lack of stock due to expenses and a downturn in the trade.
A creditors meeting is scheduled for January 16.