Sears break-up under way with pounds 9m sale
Saturday 16 August 1997
Nine West's Shoe Studio Group, is paying pounds 9m for net assets of pounds 11m. The deal will protect 800 jobs in the 65 largest concessions which will be transferred to Nine West at the end of this month.
Discussions are continuing to sell the remaining 150 concessions. But if Sears cannot find a buyer it will close the rest at the end of January 1998 with the loss of 950 jobs.
Nine West is one of America's largest footwear retailers. It already owns fashion shoe group Pied a Terre in the UK.
The sale of the concessions business is the first disposal since company doctor David James moved into Sears' troubled British Shoe Corporation subsidiary in the spring. He is finalising the group's business plan to present to the Sears board in the autumn.
Though Sears says it is keeping its options open, City analysts expect formats like Shoe Express, Shoe City, Dolcis and Cable & Co to be sold.
- 1 Isis burns thousands of books and rare manuscripts from Mosul's libraries
- 2 Scarlett Johansson new band 'already hit with legal complaint' from another The Singles
- 3 Husband and wife die holding hands within hours of each other after 67 years of marriage
- 5 'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Isis burns thousands of books and rare manuscripts from Mosul's libraries
Husband and wife die holding hands within hours of each other after 67 years of marriage
Mohammed Emwazi: Family of man named as 'Jihadi John' described by neighbours as 'normal Muslim family'
Mohammed Emwazi: Nine things we know about Isis militant 'Jihadi John'
Mohammed Emwazi: Man identified as Isis killer 'Jihadi John' 'stopped by MI5' while on safari holiday in Africa in 2010
Oscars 2015: Birdman beats Boyhood as Eddie Redmayne and Patricia Arquette win big - as it happened
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
This is what it's like to be dead, according to a guy who died for a bit
iJobs Money & Business
£45,000: Ann: My client is a FTSE 250 retailer based in Central London and the...
£35,000: Anna Woodward: Are you excited about making an impact on a FTSE 250 b...
£23,000 - £28,000: Anna Woodward: My client is aleading global manufacturer an...
£22,000 - £25,000: Christine McCleave: Are you looking for a new opportunity a...