Distressed Assets Media Centre
01 March 2010
Footwear retailer Figgins Holdings collapses into liquidation
Source: SmartCompany
Subdued sales and savage discounting in the clothing and footwear industry appear to have claimed another major retailer, with Melbourne shoe company Figgins Holdings collapsing into liquidation.
The company, which used to operate 140 stores around Australia, owned the Midas, Emporio, Mollini and Scooter brands and previously operated the Shoobiz and Evelyn Miles and Florsheim brands.
The company's collapse comes just over 12 months after it announced it was closing the 43 store Shoobiz chain, with the loss of 220 jobs. The company later shut some Evelyn Miles stores and rebranded others as Midas stores, before selling the Florsheim brand.
Management blamed falling demand and competition from retailers such as Kmart for the closure of the Shoobiz chain. Comments from retailers reporting results for the six months to December 31 have indicated that conditions remain patchy in the women's fashion segment, with discounting rife.
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