Shoe Zone acquires Stead & Simpson
In a month that has seen several British footwear retailers struggling for survival and some, namely Dolcis, going under (see www.footwearbiz.com January 23), it appeared on Monday that Stead & Simpson was to be the next victim of the credit crunch.
Having sold 25 of its Famous Footwear factory outlet stores earlier in the month (see www.footwearbiz.com January 15) Stead & Simpson called in the administrators on January 28. However, Shoe Zone Ltd stepped in and acquired the chain on the same day. The acquisition has safeguarded 2,700 jobs at 309 of the company’s stores, although 37 branches will be closed and approximately 160 jobs will be cut under the deal.
Commenting on the acquisition Anthony Smith, chief executive of Shoe Zone, said: "We are delighted to acquire the Stead & Simpson business and continue to play our part in the consolidation of the footwear market. We look forward to returning the Stead & Simpson business back to profitability in the coming months."
