Wittner – one of Australia’s leading footwear brands – has gone bust after more than 100 years in business.
The iconic women’s shoe company, established in 1912, has over 20 branded stores in Australia and New Zealand, and 25 stores within David Jones and Myer.
It also trades on its own website and The Iconic.
Insolvency experts Sal Algeri and David Orr from Deloitte were appointed joint administrators on Wednesday afternoon, the Australian Financial Review reported.
Mr Algeri told the Australian Financial Review that the company will trade as normal as they ‘conduct an urgent review of the group’s finances’.
‘We understand the appointment of Administrators will be particularly concerning to Wittner’s employees, as well the very loyal customer base it has built over decades,’ he said.
‘Please be assured that trade will continue on a business-as-usual basis as we conduct an urgent review of the group’s finances and seek expressions of interest from parties interested in the sale or recapitalisation of this iconic Australian brand.’
A statement from Wittner said sales growth over the past 12 months couldn’t keep up with rising wages and rental costs.
Wittner – one of Australia’s leading footwear brands – has gone bust
Insolvency experts Sal Algeri and David Orr from Deloitte were appointed joint administrators of Wittner on Wednesday afternoon
‘The growth in sales has been eroded by cost pressures from rising wages and occupancy costs, and more recently challenging trading conditions and supply-chain disruptions,’ management said.
‘We have invested in our range and teams over the last twelve months and remain committed to the Wittner business.
‘We will work closely with the Administrators to achieve the best outcome for the business and its stakeholders.’
More to come…
