Footwear chain Shoebox is in liquidation, owing over $4 million to unsecured creditors, suppliers and landlords.
According to the Australian Securities and Investments Commission, liquidators were appointed to the retailer on May 14.
Paul William Gidley from Shaw Gidley has been appointed liquidator.
Shoebox was established in 1985 as a retailer offering quality footwear at affordable prices.
The liquidation includes the closure of its five NSW stores, including Sydney's Market City and Town Hall Square, as well as its eCommerce site.
According to business information firm IBISWorld, the footwear retail sector has been subdued over the past five years.
"The industry is highly dependent on economic conditions and consumer confidence, which have both been largely unfavourable over the period.
"Volatile consumer sentiment, reduced discretionary spending, fierce competition and a difficult retail environment have all affected industry revenue growth over the past five years."