Deloitte announces sale of Wittner to The Shoe Group in business rescue
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 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.
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.
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