Australia's Payless Shoes has gone bust


It’s all over for Payless Shoes, the budget footwear retailer which has been a staple of Australian shopping outings for decades.

The stores are closing in Australia with the loss of up to 730 jobs.

Ferrier Hodgson, the company’s administrator, says all 132 stores will either be transferred or closed in February.

Payless Shoes Australia, which opened its first store in 1980, was placed into voluntary administration last month.

“While we received a number of expressions of interest from various parties, there were no acceptable offers for the business as a whole,” says administrator Jim Sarantinos.

The administrators will continue to work with interested parties and landlords to transfer stores and employee contracts where possible during the period leading up to closure.

All employee are expected to be paid their entitlements in full.

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