UK: Co-op sells Shoefayre chain to Shoe Zone
Discount footwear retailer The Shoe Zone Group has bought its troubled rival Shoefayre from the Co-operative Group for an undisclosed sum.
The Co-op said the chain's revenues had suffered amid fierce competition in the discount footwear sector, and that because the business was not a core part of its operations, its sale "to a well-known and profitable footwear retailer is both logical and desirable."
Leicester-based Shoefayre operates from 240 stores across the UK and was bought by the Co-operative Group in March 2005.
Anthony Smith, Shoe Zone chief executive, said the acquisition plays "a major part in the much needed consolidation of the footwear market."
He added: "We look forward to continuing the process of returning the Shoefayre business back to profitability over the coming months."
Shoe Zone has 400 stores throughout the UK and Ireland and sells over 18m pairs of shoes each year.
The UK footwear market is showing signs of a slow-down, recently illustrated by shoe chains Dolcis and Stead & Simpson being forced into administration. Both have since been acquired by other retailer...
Luxury branded shoe retailer Kurt Geiger has become the latest footwear firm to change hands this year after being bought on Friday (22 February) in a GBP95m (US$187m) management buy-out....
Fashion retailer Elvi is the latest UK high street retailer to fall into administration, hot on the heals of Dolcis and Base Menswear....
Footwear retailer Shoe Zone has acted fast to acquire rival Stead & Simpson after the troubled group went into administration earlier this week....
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