Australian footwear retailer Wittner may soon emerge from administration after Deloitte administrators entered a period of exclusivity with The Shoe Group.
Deloitte administrators David Orr, Sal Algeri, and Daniel Demir made the announcement on Friday, nearly two months after Wittner collapsed into voluntary administration in mid-April following mounting financial pressures.
While a final acquisition has not yet been completed, The Shoe Group is expected to acquire a majority stake in the business.
“The proposed sale represents a major milestone for a more than 100-year-old heritage brand, achieved under an accelerated timeline and in the context of a challenging retail environment,” said Demir.
“We have worked closely with the Wittner team to maintain trading stability throughout the administration process and are pleased to make today’s announcement to secure the future of this iconic Australian brand.”
The Shoe Group operates its own portfolio of fashion brands, with a retail and online presence, as well as wholesale partnerships. Its chairman, Ian Unwin, said Wittner’s brand heritage and loyal customer base made it a strong strategic fit.
“It is a brand with a proud legacy and strong customer following, and we look forward to supporting its continued success,” said Unwin.
Founded in 1912 by HJ Wittner, the company began as Australia’s first mail-order footwear business. It currently operates more than 20 standalone stores across Australia and New Zealand, along with 25 concession outlets in department stores including Myer and David Jones.