134-year-old footwear retailer Betts saved by $13.3 million family rescue deal

Betts, the 134-year-old Australian footwear retailer, has emerged from four months of voluntary administration after creditors approved a $13.3 million deed of company arrangement proposed by CEO Michael Breckler, allowing the founding family to retain control of the business through a combination of cash injections, financial guarantees and executive wage reductions, while the company closes six additional stores to reduce its physical footprint to just nine locations and shifts its focus to online sales, with administrator Lindsay Bainbridge of Pitcher Partners Melbourne describing the restructuring as delivering a positive outcome for creditors.

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