A beloved retail footwear icon is dramatically retreating from its home State, with the 134-year-old Betts set to shut almost two-thirds of its WA stores.

The Perth-founded chain will close seven of its 11 WA stores as part of a nationwide overhaul, leaving just four outlets operating in the State where the business first began more than a century ago.

The stores to close are Betts Hay Street (Hay Street Mall), Betts Gateway (Cockburn Gateway), Betts Mandurah (Mandurah Forum), Betts Brand Direct WA (Watertown Brand Outlet West Perth), Betts Brand Direct DFO Perth (Perth Airport), Betts Whitfords (Whitford City) and one of two Betts Joondalup stores.

The sweeping cuts come after Betts called in voluntary administrators from Pitcher Partners to oversee the closure of 20 of its remaining 35 stores across Australia.

At its peak, the family-owned retailer operated almost 220 stores nationwide.

Despite the closures, the retailer is not collapsing, with the administration process designed to fast-track the closure of loss-making stores while the remainder of the business continues trading and shifts its focus online.

More than 120,000 pairs of shoes, bags and accessories will go on sale from Friday as administrators attempt to clear stock, with the biggest bargains expected at stores earmarked for closure.

Founded in Fremantle in 1892, Betts has grown into one of Australia’s oldest footwear retailers, surviving world wars, recessions and changing fashion trends before embarking on a major reinvention over the past year.

The company has overhauled its branding, redesigned stores, narrowed its product range and shifted its focus almost entirely to women’s fashion footwear as it attempts to return to profitability.

Pitcher Partners administrator Lindsay Bainbridge said Betts was being reshaped for the future.

“Australians grew up with Betts shoes, they know and love the brand, and we believe it has a strong outlook as a more streamlined operation,” he said.

Mr Bainbridge said declining foot traffic in shopping centres had become unsustainable, with the company instead focusing on its strongest stores and expanding its online business.

“Betts has been a staple for 134 years and we want a result that ensures the brand can thrive for many years to come,” he said.