The formal completion comes after approval by the group's banks and shareholders of a new strategic plan that aims to revitalise the business.
The retailer has appointed Tony Jones as chief operating officer. He joins the group from Wyevale Garden Centres, where he was interim finance director at the time of its acquisition by Tom Hunter's West Coast Capital.
David Rostron has been hired as retail director. He was previously head of retail operations at Primark and previously held senior roles at Littlewoods, Gap and Marks & Spencer.
David White, who joined the group last year to conduct a full review of its operations, was appointed chief executive in early February.
Stead & Simpson chairman Barry Stevenson said: 'I am delighted that, with the continued support of the Bank of Scotland, we now have the management, strategic and financial resources to deliver a strong recovery for the Stead & Simpson business and take the opportunities we have identified in a fast-changing market. We have a leading position in the specialist footwear sector that we now plan to consolidate and build on'.