ShoeFayre changes hands
The Co-op group, known for its budget supermarkets, has sold its discount footwear chain ShoeFayre to Shoe Zone.
Nearly 50 years old and with 240 stores in the UK, Shoe Fayre started to struggle in recent years and in 2006 suffered a loss of over £6 million.
Amid pressing competition in the discount footwear industry the chain started to perform badly enough to stimulate the sale from Co-op, who would not disclose the price fetched.
Buyer Shoe Zone, which already owns 400 stores in the UK and has reached annual sales in excess of £150 million is now hoping to turn around the fortunes of Shoe Fayre.
Bosses at Co-op said that “in the circumstances, sale of the business to a well-known and profitable footwear retailer is both logical and desirable”.
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