Tuesday, February 19, 2019

Shoe Zone joins Brantano bidding battle

Shoe Zone profits

The bidding war for Brantano has escalated as footwear retailer Shoe Zone submits a bid to buy out its rival, according to Sky News.

Shoe Zone joins Pavers and Edinburgh Woolen Mill as potential new owners for the ailing retailer, which filed a notice of intention to appoint administrators last week.

A deal is expected to be made by the end of the week, meaning Shoe Zone is likely to be one of the final bidders for the company.

READ MORE: Brantano on brink of administration as potential buyers circle Jones Bootmaker

The bid for Brantano, which is valued at around £88 million, is a bold move for Shoe Zone off the back of store closures and revenue falls last year.

Alteri, which owns Brantano, also announced the imminent administration of its sister company Jones Bootmakers, with potential job losses for both companies topping 2000.

Alteri has stated that has confidence a buyer will be found for both.

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