Many potential saviours in line for stricken Sneakerboy Group

A shortlist of bidders will be invited to submit binding offers no later than July 25.

The post Many potential saviours in line for stricken Sneakerboy Group appeared first on Inside Retail.

Interest in the collapsed Sneakerboy Group is running high, with the administrator already receiving 36 expressions of interest. 

Sneakerboy, which sold upmarket footwear and streetwear, including luxury label sneakers for upwards of $1500, entered administration on July 1, with Stephen Dixon of Hamilton Murphy Advisory subsequently appointed administrator. 

Dixon told the first meeting of creditors that the administrators will accept offers for the business until Monday (July 18) following the preparation and distribution of an information memorandum about the state of the business. 

Dixon said interest in potentially acquiring the stricken business had come from “a range of international and Australian parties across a broad industry spectrum”.

After Monday, the administrators will shortlist applicants who will be invited to lodge a binding offer no later than July 25. 

He told the creditors’ meeting that employee and customer obligations are a critical component of any discussions with prospective acquirers of the group.

“We appreciate and understand the concerns that all stakeholders to the Sneakerboy Group have, especially employees and customers,” said Dixon. “We continue to urgently expedite the administration process as we believe that the optimal outcome for creditors and the business is new ownership.”

The post Many potential saviours in line for stricken Sneakerboy Group appeared first on Inside Retail.