Huge update for iconic fashion brand
Deloitte administrators David Orr, Sal Algeri and Daniel Demir delivered the announcement on Friday morning, nearly two months after the retailer tumbled into administration in mid-April.
'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,' Mr Demir said.
'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.' Wittner has been saved from liquidation through a sale to The Shoe Group. Erina Fair Credit: Supplied
Wittner has entered into a 'period of exclusivity' with the Shoe Group, which is expected to acquire a majority of the business.
The Shoe Group is a privately owned Australian company with its own portfolio of brands and an extensive retail store network, direct online and marketplace sites and wholesale customers.
Shoe Group chairman Ian Unwin said his company was 'excited' about bringing in Wittner.
'It is a brand with a proud legacy and strong customer following, and we look forward to supporting its continued success,' he said. Wittner, founded in 1912, specialised in women's shoes. Supplied Credit: Supplied
Mr Orr said the proposal sale would deliver a 'positive outcome' for employees, creditors, landlord and concession partners.
A cocktail of rising costs and falling sales pushed Wittner into administration.
'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,' Wittner said in a statement in April.
Established in 1912 by HJ Wittner, the boot store was Australia's first mail-order footwear business.
It boasts more than 20 physical stores in Australia and New Zealand, as well as 25 concession stores in Myer and David Jones.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sydney Morning Herald
10 minutes ago
- Sydney Morning Herald
Horse racing: Godolphin Australia and James Cummings part ways, launching new era with the likes of Chris Waller, Ciaron Maher, Anthony Freedman
Cummings, the grandson of Melbourne Cup legend Bart, has accepted a lucrative training position in racing mecca Hong Kong from next year. Of Godolphin's headline horses, the group 1-winning Tom Kitten has been placed with Anthony and Sam Freedman, Melbourne Cup fourth-place getter Zardozi has joined Maher, Golden Mile went to Pride, while Waller also picked up Commemorative and Beiwacht. Godolphin trainer James Cummings with retired star Anamoe. Credit: Louise Kennerley Several of the Godolphin horses have already trialled for their new stables. As part of its shift in approach, Godolphin sold 25 ready-to-race horses for almost $2.2 million on Inglis Digital a fortnight ago, including South Australian Derby place-getter Lavalier for $380,000 and group 3-winner Pisces for $330,000. While the father-son Freedman combination has prepared a number of young horses for Godolphin in the past, including 2022 Blue Diamond winner Daumier, Sam Freedman sees the racing giant's change in strategy as a winning move. 'It's an exciting change for the whole Godolphin brand, and exciting for Australian racing to see their stock spread out,' Freedman said. Sam Freedman with the 2023 Melbourne Cup winner Without A Fight. Credit: Getty Images 'I have no doubt it will be a success. There's obviously a lot to work through and there will be little hiccups on the way, I'm sure, but on the whole it feels like a really positive change. 'I think, ultimately, the one-trainer model is becoming more and more rare.' While Freedman said they did not lobby for any horses, they felt privileged to be handed ready-made group 1 star Tom Kitten. Loading 'He'd be the highest-rated horse we've got,' the 2023 Melbourne Cup-winning trainer said. 'As an established weight-for-age horse, he's right at the top. 'It's very rare that you get a horse like that in the stable that's able to compete from 1400m to 2000m at weight-for-age against the best horses in the country. It's exciting.' Freedman said the four-year-old gelding would likely resume in the group 1 1400m Memsie Stakes At Caulfield on August 30 before heading to the group 1 1600m Makybe Diva Stakes at Flemington a fortnight later. 'If he's really flying along, and it looks like a realistic target, that could mean he'll line up in the Cox Plate,' Freedman said. 'But his first two runs are sort of pencilled in, and then we are just going to assess him after that.' Godolphin Australia managing director Andy Makiv and racing and bloodstock manager Jason Walsh oversaw the mass relocation of their horses. 'It certainly wasn't an easy decision, and it doesn't preclude opportunities for others (trainers) in the future,' Makiv said. Godolphin's breeding arm Darley will continue to stand stallions, including those that raced during Cumming's tenure such as Anamoe, Bivouac, Broadsiding and Cylinder. But their number of runners has fallen away significantly in recent years. After a high of 1276 starters in the 2018/19 season, those figures have dropped to 804 in 2023/24 and 680 last season. But Makiv denied this will be an ongoing trend. 'Moving away from a private training model gives us greater business agility,' he said at the end of April. 'We will continue to have the same number of horses in training — it's fundamental to what we do.' News, results and expert analysis from the weekend of sport are sent every Monday. Sign up for our Sport newsletter.
Sky News AU
2 hours ago
- Sky News AU
‘Underestimating the value of damage': Expert analyses reported cost of espionage in Australia
Strategic Analysis Australia Director Peter Jennings discusses the cost of espionage in Australia. 'I suspect it's actually significantly underestimating the value of damage to the Australian economy,' Mr Jennings told Sky News host Steve Price. 'And a large part of it comes from intellectual property theft.'
Sky News AU
3 hours ago
- Sky News AU
'This masks other problems': Matt Canavan warns Australia's relationship with US isn't fixed after Trump's tariff decision
Nationals Senator Matt Canavan has warned the good news on tariffs is just a 'mask' for bigger problems in Australia's relationship with the US, and called on Albanese to work harder to meet Donald Trump. The World According To Rowan Dean is available to view for subscribers. Join to watch the full episode. Despite Australia holding steady on the lowest rate of international tariffs for the US at 10%, Mr Canavan told Sky News host Rowan Dean on Friday Australia has to do more to strengthen ties with the U.S. government. 'It's great that we're not facing the higher tariffs as some other countries (are), but there is another side of the relationship here that seems to be just going missing, because the Prime Minister's missing,' he said. Mr Canavan said it is a strong concern that Anthony Albanese has made little effort to engage with President Trump since his election in November 2024, and believed the relationship cannot be mended until this has changed. 'The Prime Minister hasn't taken the effort to go to the United States and meet Donald Trump when 20 other world leaders have done so, including the President of Mauritania,' he said. 'Small countries in Africa have got audiences with the President, but our Prime Minister hasn't. 'It's getting close on a year now since the President was elected, and it's hard to explain why the Prime Minister is seemingly running scared from Washington DC.' Another key issue Mr Canavan pointed towards as an example for fractured tensions between the US and Australia was the approach to defence. Mr Canavan said the government's lack of response towards a public signal from the US government to increase defence manufacturing with Australia, as well as Australia's own defence spending, is still a simmering issue. 'The U.S. administration has signalled through Pete Hegseth that they'd like to work with Australia to develop more manufacturing of 115-millimetre artillery shells, guided weapons systems and radar repair facilities,' he said. 'There's been basically zero response from the Australian government, certainly nothing in public. 'The US administration at the same time have asked us to lift our defence spending, which is reasonable if they're going to help us with our industrial capacity.'
