Shoe retail chain Payless Shoes has collapsed into voluntary administration but its stores are continuing to trade on a business as usual basis.
Payless Shoes was established in 1980 and survived a previous voluntary administration three years ago. However, the 131-store chain is once again in financial trouble.
Voluntary administrators from Ferrier Hodgson were appointed to Payless Shoes Pty Ltd on Tuesday, with Jim Sarantinos, James Stewart and Peter Gothard appointed to manage the administration process.
Sarantinos said in a statement on Tuesday the administrators are yet to determine the primary causes of the companys current financial state, but immedia…
Read the full article at: http://www.smartcompany.com.au/finance/79114-payless-shoes-collapses-voluntary-administration/
