Five staff in the store are among more than 700 workers who will lose their jobs after Payless Shoes administrator Ferrier Hodgson announced the chain would close in February.

Administrator Jim Sarantinos said: “While we received a number of expressions of interest from various parties, there were no acceptable offers for the business as a whole.”

Approximately 730 staff may be impacted, with all 132 stores across Australia anticipated to be transferred or closed next month.

Bathurst’s Payless Shoes store employs five people – one full time, two part time and two casual.

A Ferrier Hodgson spokesman said staff will be given notice once the store’s closure date was determined.

“All staff entitlements are expected to be paid in full,” he said.

The store was the latest retail chain to be hit in Bathurst following the closure of Masters, Dick Smith and Pumpkin Patch last year.

Eagle Boys have also gone into receivership, but are still trading.

Administrators will continue to work with interested parties and landlords to transfer stores and employee contracts where possible.