Hundreds of Payless Shoes employees may be unemployed by Christmas, with the independent footwear retailer gearing up to close its doors for good early next year.
It was hoped the shoe chain, which went into administration in November, would be bought out but unfortunately a suitable deal could not be met.
“While we received a number of expressions of interest from various parties there were no acceptable offers for the business as a whole,” administrator Jim Sarantinos said.
Its 132 stores and online outlets will begin immediate liquidation of all stock in preparation for the closure, slashing prices up to 40%.
This is yet another disappointing blow for retailer workers, with Dick Smith, Masters and Pumpkin Patch all closing their doors in 2016. More stores are expected to follow suit next year as the competition from online retailers continues to heat up.
