Sneakerboy's collapse has been blamed on short-term financing difficulties.
This week, Hamilton Advisory partner Stephen Dixon was announced as voluntary administrator of the Sneakerboy Group of Companies.
In a statement, Hamilton Advisory revealed the move was due to short term financing difficulties being experienced by the luxury retailer.
"The difficult but prudent decision has been made to initiate the voluntary administration process," the statement read.
"The administrator will now assess the ongoing viability of the business as he assesses the ability of the companies to continue to operate as a going concern.
"The companies have previously held discussions with parties who have expressed an interest in the purchasing the business.
"These discussions are now being urgently escalated by the administrator as part of the voluntary administration process."
The first creditors meeting will be held on Wednesday, 13 July 2022 at 11am.
At this meeting, details will be provided to all stakeholders in relation to the financial and structural position of the companies.