Shoe stores saved as pre-pack deal rescues over 260 jobs
Three East Midlands shoe stores are among 39 to be saved after their owner was sold in a pre-pack deal that has saved over 260 jobs.
Shuropody Retail called in joint administrators Gareth Harris and Lee Lockwood of RSM UK Restructuring Advisory on Wednesday (December 7). The firm was immediately sold to a subsidiary of Baaj Capital.
All of the company’s 39 stores across the UK remain open and are continuing to trade under new ownership.
Shuropody has shops in Derby, Leicester and Nottingham.
Harris said: “Securing this pre-pack sale will ensure customers who have bought treatment plans will have continuity of service and safeguard the jobs of the vast majority of the Shuropody team. It is unfortunate that Shuropody has had to go through an administration process, but the legacy of the last couple of Covid years is still proving challenging to navigate for many businesses, including this one. Given the current economic climate the high street is seeing many retailers struggle so it is particularly pleasing to help save this business, and ensure employees will be paid as we run into the Christmas period.”
The joint administrators were advised by Matthew Brown, Liz Russell and Niall Crossley of Gateley Legal.