// Hotter Shoes owner Electra Private Equity plans to run auction of the business next year
// The sale process would not go on until Hotter Shoes is able to trade in normal conditions
// In June, the company launched CVA proposals to decrease its rent bill
Hotter Shoes owner Electra Private Equity has hired bankers at Stifel to run an auction of the business next year.
The shoe retailer is to be put up for sale months after an emergency restructuring engineered by its owner salvaged hundreds of jobs.
The sale process would not proceed until Hotter Shoes had been able to resume more normal trading conditions amid the pandemic, Sky News reported.
READ MORE: Hotter given £2m investment as part of CVA
In June, the company launched CVA proposals to decrease its rent bill and planned to close more than 45 stores, leaving it with only 15 standalone sites and concessions.
The CVA was approved in July, and a period within which creditors could challenge the outcome expired the following month, leading Electra to inject £2 million of new funding into the company.
The firm said the money will be spent on various strategic initiatives, such as improving Hotter’s product development capabilities.
Hotter’s outlets in England are currently closed under the lockdown restrictions, while some of its stores in Wales and Scotland remain open.
Hotter Shoes was founded in 1959 in Lancashire.