Struggling shoe retailer to close most remaining stores
The shoe retailer, which has been operating for 134 years, will close more than half of its stores bricks and mortar outlets after experiencing financial difficulties.
Betts, which operated around 220 shoe stores at its peak, will close 20 of its 35 stores across Australia after going into voluntary administration.
The remaining 15 stores, including flagship stores in Sydney, Melbourne and Perth, are expected to continue operating.
Betts had been gradually closing its stores in recent years; This was in response to the shift to online shopping and declining foot traffic.
But Pitcher Partners Melbourne director Lindsay Bainbridge said the retailer needed to accelerate those plans due to the recent decline in consumer sentiment, as well as high fuel prices and rising operating costs.
“Australians have grown up with Betts shoes; they know and love the brand and we believe it has a strong presence as a more streamlined operation,” he said on Thursday.
But the challenging retail environment and falling foot traffic in many centers was not sustainable for the business.
“We will close some stores, focus on strengthening others and continue the company’s plans to expand its online retail,” Mr. Bainbridge said.
The stores planned to be closed will start with heavy discounts starting from 50 percent on all women’s shoes, bags and accessories.
Mr Bainbridge said more than 120,000 pairs of shoes, bags and accessories would be on sale.
All three stores in South Australia, the Betts store in Darwin and seven of 11 stores in Western Australia will close.
Four stores will close in NSW, four in Victoria and one in Queensland.
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