Payless walks on despite voluntary administration
DESPITE Payless Shoes moving in voluntary administration nationally, it is understood the Gympie store will continue to operate in the indefinite future.
While staff at the store are unable to directly comment, according to a media spokesman a number of decisions on the final outcome of the process still need to be decided.
"Payless Shoes is one of the best known independent shoe retailers operating 131 stores and an on-line business,” voluntary administrator Jim Sarantinos said in a press release. "We are immediately calling for expressions of interest for a sale of the business as a going concern.”
Mr Sarantinos said it was still too early in the process to identify what the causes of the company's financial problems was.
According Mr Sarantinos, all Payless Shoes employees will continue to be paid, and all employee entitlements will be covered by the company's assets.
The company has an approximate annual sales revenue of $75 million and 870 people employed Australia-wide.
Begun in 1980, Payless Shoes has previously gone into administration, being sold to Payless ShoeSource in the U.S.A. in 2013.
Payless Shoes is one of Australia's largest independent shoe retailers.