Australian footwear retailer Betts has emerged from administration after a $13.3 million rescue deal was backed by its creditors.
The agreement passed by creditors on Thursday means the 134-year-old business remains in the hands of the founding family.
Betts will close six stores as it continues to pivot its efforts to e-commerce, shrinking its store footprint to nine stores.
A $13.3 million lifeline
The deed of company arrangement (DOCA) put forward by CEO and managing director Michael Breckler came after four months of voluntary administration.
Voluntary administrator Lindsay Bainbridge of Pitcher…