The administrators overseeing the collapsed footwear retailer Wittner have entered into a period of exclusivity with The Shoe Group Pty Ltd for the proposed sale of the majority of the Wittner Group business.
The voluntary administrators, Deloitte Turnaround & Restructuring partners David Orr and Sal Algeri, say this acquisition would be highly complementary to TSG’s existing operations.
TSG owns and manages 13 retail brands such as Spendless Shoes, Jo Mercer, Novo, Olympus, Everflex and Wild Rhino. It is a privately owned Australian company which manages an extensive store network as well as direct online and marketplace sites, and wholesale customers.
TSG chair Ian Unwin said he and the team are excited to bring Wittner into its portfolio.
“It is a brand with a proud legacy and strong customer following, and we look forward to supporting its continued success,” he said.
Deloitte Turnaround & Restructuring partner and transaction lead Daniel Demir said the proposed sale will support the continuation of an iconic and much-loved Australian business.
“The proposed sale represents a major milestone for a more than 100-year-old heritage brand, achieved under an accelerated timeline and in the context of a challenging retail environment,” Demir said.
“We have worked closely with the Wittner team to maintain trading stability throughout the administration process and are pleased to make today’s announcement to secure the future of this iconic Australian brand.”
Orr added that the proposed sale would deliver a positive outcome for all stakeholders, including employees, creditors, landlords, and concession partners. He also thanked them for their ongoing support and collaboration during the administration process.
“TSG brings deep sector expertise and integrated capabilities across manufacturing and retail, making it well placed to support Wittner’s future.”