Shoe lovers are reeling from luxury shoe retailer Sneakerboy’s shock collapse – and now, attention is turning to what really went wrong for the brand.
News broke on Tuesday afternoon that the business, which sells high-end brands like Balenciaga and Canada Goose with four-figure price tags, had entered voluntary administration.
The move was confirmed in a notice of appointment released by the Australian Securities and Investments (ASIC) on Saturday, with Stephen Dixon from insolvency firm Hamilton Murphy Advisory chosen as administrator.
Five companies were included on the notice, Sneakerboy Pty Ltd and two related companies under the Sneakerboy name, and Luxury Retail Treasury Pty Ltd and Sneakerboy’s parent company Luxury Retail Group Pty Ltd.
“Sneakerboy today announced that Stephen Dixon of Hamilton Murphy Advisory has been appointed as voluntary administrator,” Hamilton Murphy Advisory said in a statement.
“The voluntary administration appointment has been made due to short term financing difficulties being experienced by the company.
“The difficult but prudent decision has been made to initiate the voluntary administration process. The administrator will now assess the ongoing viability of the business as he…