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Tuesday, 11 December 2012

90 Stead and Simpson stores to close down

Shoe Zone, the owner of Stead and Simpson, the retailer with 227 stores around the UK has announced that it is going to close down 90 of its Stead and Simpson stores by winding up the company, Tyler Ltd, that operates them.  It is expected that there will be some 500 job losses.  The company announced the move as it needs to increase its profitability so it needed to cut back its loss making stores. Tyler ltd will probably be put into voluntary liquidation but it is interesting to see that according to credit checks it has a rating or 93 out of a 100.....

The landlords may have guarantees from the parent company Shoe Zone but that is not necessarily certain.

The  Shoe Zone bought Stead and Simpson out of administration in 2008.

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