Stead & Simpson has today confirmed that a newly formed company backed by Shoe Zone has bought the footwear business.
Stead & Simpson went into administration late last night and Shoe Zone bought the majority of the business, saving some 2,700 jobs.
Stead & Simpson had been experiencing a difficult trading environment with significant pressure for consolidation within the specialist footwear retail sector. It embarked upon a disposal process in December last year.
PricewaterhouseCoopers was appointed to administer the sale, and earlier this month the disposal of the Famous Footwear and Philip Jones fascias were completed, securing 375 jobs.
PricewaterhouseCoopers partner Rob Hunt said: “We are pleased to announce that, following the completion of a sale late yesterday, Shoe Zone has acquired the business and assets of Stead and Simpson. This sale will enable 309 stores to continue trading, safeguard some 2,700 jobs and ensure that Stead and Simpson continues to have a place on the High Street.”
“Sadly, 37 loss making branches are not included in the sale and we have little choice but to close these immediately. If this transaction had not taken place, it is highly likely that significantly more store closures would have occurred.”