Men’s footwear brand Steptronic has fallen into administration and appointed business advisory firm Kroll as administrator, following supply chain issues.
The British brand, based in Rushden, Northamptonshire, named Kroll joint managing directors Jimmy Saunders and Michael Lennon as joint administrators of the brand on March 9. They will market the business and assets of the company for sale.
In a statement, Jimmy Saunders, Joint Administrator, said: “The retail sector has faced a number of well publicised challenges and coupled with shipping and supplier delays and a legacy balance sheet debt, the Company was unable to meet its liabilities.
“Any prospective buyers for the business are encouraged to come forward as soon as possible.”
Steptronic is “highly recognisable internationally in both the wholesale and retail sectors,” and has more than 3,000 high street and online outlets as customers, including Jones Bootmaker, alongside its own direct-to-consumer website.