Payless Shoes in administration

Independent shoe retailer Payless Shoes has gone into administration with administrators seeking buyers for the business.

Discount shoe chain Payless Shoes has entered voluntary administration for the second time in three years.

Administrators Ferrier Hodgson say the reason for the problems at the 36-year-old Australian independent retailer is not yet clear and it will continue to trade as usual as they seek potential buyers.

Payless Shoes, which has 870 employees working in 131 stores, went into administration in 2013 and was bought by US business Payless ShoeSource.