Payless Shoes in administration

Friday, September 21, 2012

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Payless Shoes has been placed into administration by the company's directors.

In a statement on Friday the company said it had engaged Jamieson Louttit & Associates, an insolvency and advisory firm, to advise the company after the managing director resigned.

The insolvency firm would assist in finding a buyer for the business and to negotiate with landlords to obtain "an urgently needed reduction in rent to assist in the extremely difficult retail environment", the statement said.

It said the company had also recently engaged Beam Business Equity to source industry buyers and an intensive sale campaign was expected within the next couple of weeks.

20/05/2013 09:17Sydney, Australia. 20 May,2013
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