The family that founded shoe retailer Betts has tabled a $13 million rescue proposal as the business works through administration and a planned program of store closures.
Administrators have confirmed they will close unprofitable outlets, with the scale of the cuts in Western Australia now disclosed as seven affected stores.
Reports indicate the founding family’s offer did not proceed to completion, and that fresh rescue bids have been lodged since the initial proposal fell through.
The matter has also attracted legal scrutiny: a judge has reportedly expressed doubts about claims made by Pitcher Partners, while Bryan Hughes has been described as on the sidelines in the dispute over the administrator’s handling.
Betts called in administrators after struggling outlets were identified as unsustainable, with the administrator process aimed at either selling parts of the business, finding an investor, or winding down operations where necessary.
For Western Australia, the announced closures represent a tightening of the retailer’s national footprint and will have direct implications for store staff and local suppliers in the affected communities.
Administrators typically assess competing proposals and the commercial merits of each bid before deciding whether to pursue a sale, a restructure or further closures, a process that can take weeks.
Customers and creditors remain in limbo while offers are reviewed. Shoppers should expect further announcements about individual store trading hours, gift card validity and returns policies as administrators finalise next steps.
Until administrators reach a decision, the broader retail sector will watch closely for how the competing bids and legal questions play out, and what precedent the outcome may set for other struggling specialty retailers.
