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Pistikakis Shoe Shops Collapse With $10m Debts
The footwear chain of Melbourne horseracing identity Tony Pistikakis (part-owner of Gr1 Caulfield Cup winner Railings & Gr1 AJC Derby winner Headturner) "has collapsed with debts of more than $10 million," reported The Australian Financial Review. Pistikakis bought the business (35 Steve Madden stores nationally) 4 years ago, but the "fashion shoes & accessories importer & retailer faced cashflow difficulties" & following "pressure on loan repayments" from its major secured creditor the ANZ Bank, Pistikakis has "called in" Ferrier Hodgson partners James Stewart & John Lindholm as voluntary administrators.