Australian footwear retailer Betts has gone into administration, closing more than half of its stores.
The retailer, which was founded in Western Australia and had 35 stores across the country, will close 20 of its stores as it plans to pivot to an online business.
Betts will close 20 of its 35 stores as it reduces its brick-and-mortar presence. Facebook
It has been around for 134 years and at its peak had 220 stores in Australia.
These will include flagship stores in Sydney, Brisbane and Melbourne.
Lindsey Bainbridge, from administrator Pitcher Partners, said difficult market and retail conditions meant many stores were no longer profitable or sustainable.
“Australians have grown up with Betts shoes, they know and love the brand and we think it has a good future as a more streamlined brand,” administrator Lindsey Bainbridge said.
“But retail conditions and falling footfall in many centers are simply not sustainable for the business. We will close some stores, focus on strengthening others and continue the company’s plans to expand online retail.”
All three South Australian stores will close, as well as the Betts store in Darwin and seven of the 11 stores in WA.
Four stores will close in New South Wales and Victoria, as well as one in Queensland.
More than 120,000 pairs of shoes and accessories will be sold at a significant discount for promotional purposes.
These sales will begin on Friday.
Bainbridge said employees have been informed and that efforts will be made to support team members at the closing stores, including reassigning some employees to other stores.
“Our goal is to make sure we can drive sales and reignite interest in a brand that has been part of almost every Australian’s story,” Bainbridge said.
Betts’ last Australian business goes bust
The shoe retailer has become the fourth Australian retailer to go bust in less than a month, a grim sign of economic difficulties hitting the business.
Barbeques Galore went into administration in early June, closing 62 stores after a recapitalization deal that was supposed to save the company fell through.
It is estimated that 500 employees will be affected.
When the company announced its closure last month, Lincraft had more than 60 stores across Australia and New Zealand. Linkcraft
Then, within two days, two retailers suffered the same fate.
Craft retailer Lincraft has said it will close all its stores in Australia and New Zealand after 80 years in business.
A day later, fashion retailer Glue permanently closed all its stores after reporting a loss of $8.4 million in its financial results for the last half year.
He also closed his online store and stopped taking orders.
It comes after long-standing and iconic fashion brands Rivers and Jeanswest were forced to close their doors last year.
Betts shoe stores to close
Western Australia
- Betts Hay Street (Hay Street Shopping Centre)
- Betts Gateway (Cockburn Gateway)
- Betts Mandurah (Mandurah Forum)
- Betts Brand Direct WA (Watertown Shopping Centre, West Perth)
- Betts Brand Direct DFO Perth (Perth Airport)
- Betts Whitfords (Whitford City) (closes soon)
- One of two Betts Joondalup stores (closes soon)
South Australia
- Betts Modbury (Westfield Tea Tree Plaza)
- Betts West Lakes
- Betts Marion (Westfield Marion)
Northern Territory
- Betts Casuarina (Casuarina Square)
N.S.W.
- Betts Macquarie (Macquarie Center North Ryde)
- Betts Liverpool (Westfield Liverpool)
- Betts Rouse Hill (Rose Hill town centre)
- Betts Kotara (Westfield Kotara)
Victoria
- Betts Greensboro (Greensboro Plaza – soon to close)
- Betts Ringwood (Eastland Shopping Centre)
- Betts Doncaster (Westfield Doncaster)
- Betts Fountain Gate (Westfield Fountain Gate)
Queensland
- Betts Indooroopilly (Indooroopilly Shopping Centre)