Payless Shoes has been placed into voluntary administration.

This comes 10 days after the shoe retailer’s managing director resigned and Mr Louttit of Jamieson Louttit & Associates, Insolvency and Advisory was brought in to advise the company.

Deloitte has now been appointed the administrator for the company.

According to Deloitte, they will assist Payless Shoes in finding a buyer and will negotiate with the landlords to obtain an urgently needed reduction in rent to assist in the extremely difficult retail environment.

Payless Shoes was also recently in contact with Mr Melman of Beam Business Equity to source industry buyers. It is anticipated there will be an intensive sale campaign within the next couple of weeks.