Iconic Australian shoe retailer enters administration, closes stores
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Australian shoe retailer Betts has gone into administration, closing more than half of its stores in the process.
The retailer, which was founded in Western Australia and had 35 stores across the country, will close 20 of its stores as it looks to transition to an online only business.
Betts will close 20 of its 35-store network as it downsizes its brick-and-mortar presence. Facebook
It has been running for 134 years, and at its peak had 220 stores in Australia.
These would include flagship stores in Sydney, Brisbane and Melbourne.
Lindsay Bainbridge from administrator Pitcher Partners said challenging market and retail conditions meant many stores were no longer profitable or sustainable.
“Australians grew up with Betts shoes, they know and love the brand, and we believe it has a strong outlook as a more streamlined operation,” administrator Lindsay Bainbridge said
“But the retail conditions and falling foot traffic in a lot of centres just are not sustainable for the business. We will close some stores, focus on strengthening others, and continue the company’s plans to expand retail online.”
All three stores in South Australia will close, as well as the Betts outlet in Darwin, and seven of the 11 stores in WA.
Four stores will close in both NSW and Victoria, as will one in Queensland.
More than 120,000 pairs of shoes and accessories will be heavily discounted in an attempt to move stock.
These sales will begin on Friday.
Bainbridge said staff had been informed, and that efforts would be made to support team members in stores that were closing, including relocating some employees to other stores.
“Our goal is to make sure we can drive sales and revive interest in a brand that has been part of almost every Australian’s story,” Bainbridge said.
Betts latest Aussie business to go bust
The shoe seller has become the fourth Aussie retailer to go under in less than a month, in a grim sign of the economic headwinds hitting businesses.
In early June, Barbeques Galore went into administration, closing 62 stores, after a recapitalisation deal that would have saved it failed.
It was estimated 500 staff would be impacted.
Lincraft had more than 60 stores across Australia and New Zealand when it announced its closure last month. Lincraft
Two retailers then suffered a similar fate in two days.
Craft retailer Lincraft said it would close all of its physical stores in Australia and New Zealand after 80 years of operation.
One day later, fashion retailer Glue closed all of its stores permanently after posting an $8.4 million loss in its latest half-year financial results.
It also closed its online store and stopped taking orders.
It comes after longstanding and iconic fashion brands Rivers and Jeanswest were forced to shut their doors last year.
Betts’ shoe stores to close
Western Australia
- Betts Hay Street (Hay Street Mall)
- Betts Gateway (Cockburn Gateway)
- Betts Mandurah (Mandurah Forum)
- Betts Brand Direct WA (Watertown Brand Outlet West Perth)
- Betts Brand Direct DFO Perth (Perth Airport)
- Betts Whitfords (Whitford City) (closing imminently)
- One of two Betts Joondalup stores (closing imminently)
South Australia
- Betts Modbury (Westfield Tea Tree Plaza)
- Betts West Lakes (Westfield West Lakes)
- Betts Marion (Westfield Marion)
Northern Territory
- Betts Casuarina (Casuarina Square)
New South Wales
- Betts Macquarie (Macquarie Centre North Ryde)
- Betts Liverpool (Westfield Liverpool)
- Betts Rouse Hill (Rouse Hill Town Centre)
- Betts Kotara (Westfield Kotara)
Victoria
- Betts Greensborough (Greensborough Plaza – will close imminently)
- Betts Ringwood (Eastland Shopping Centre)
- Betts Doncaster (Westfield Doncaster)
- Betts Fountain Gate (Westfield Fountain Gate)
Queensland
- Betts Indooroopilly (Indooroopilly Shopping Centre)
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