Sneakerboy goes into voluntary administration

 Luxury shoe retailer Sneakerboy has gone into voluntary administration following a wave of controversy.


The business, which sells shoes like Balenciaga and Canada Goose for well north of $1000, has faced scandals and multiple wind up orders in recent years.


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 Luxury Retail Group Pty Ltd (Sneakerboy’s parent company).


“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 assesses the ability of the companies to continue to operate as a going concern.


It comes after the companies faced more than 10 wind up orders over the last three years, including from Adidas, the Victorian Commission of State Revenue and AMP Pacific Fair (the operators of the Gold Coast Pacific Fair shopping centre where Sneakerboy had a retail store).


Sneakerboy has been left with just four retail stores - three in Melbourne and one in Sydney, and an online store.


Frustrated customers have bombarded the company’s online platforms and review sites in recent months over delayed orders dating back to January.


“Do not order anything online from Sneaker boy they DO NOT HAVE ANY STOCK!!! They lie to their customers, take your money and claim that they have a backlog of orders which is why there is a “delay” with dispatch. This is an absolute lie. I have spoken with a Golden Goose representative who has confirmed they have not been supplying Sneakerboy with stock for months. Anything you order from their website doesn’t actually exist in their warehouse, yet they continue to take orders and never respond to your emails,” one angry customer on Trustpilot said.


“I purchased a $200+ sweater over two months ago. Still hasn’t arrived. I’ve sent countless emails, Instagram messages and phone calls and no response,” another said.


“Stop trying to hide people into the email section and then ignore them, you guys are crooks and I‘ll be contacting all avenues until I either receive my order or a full refund (not a credit), honestly disgusting how things are done. If my parcel is waiting for collection what’s the carrier company and reference details,” a frustrated customer asked.


A short statement on Sneakerboy’s website said “Sneakerboy is in Administration”.


“All orders from July 2, 2022 will be fulfilled by the Administrators moving forward. All orders pre-dating July 2, 2022 please contact Hamilton Murphy on (03) 8866 7600.


Hamilton Murphy Advisory said the companies have previously held discussions with parties who have expressed an interest in purchasing the business.


“These discussions are now being urgently escalated by the Administrator as part of the Voluntary Administration process,” it said.


The first creditors meeting will be held next week on Wednesday, July 13 at 11am.


At this meeting, details will be provided to all stakeholders in relation to the financial and structural position of the companies.


Sneakerboy Retail Pty Ltd and Luxury Retail Group are run by Nelson Mair and Theo Poulakis.

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