Family owned footwear retailer Shoon has collapsed into administration after the company was unable to sell loss making shops.
Shoon, which has 23 stores across the South of England with 280 employees, has appointed administrator Ian Robert, from Kingston Smith and Partnership, to review the business.
The review may result in redundancies due to the closure of underperforming outlets but in the meantime Shoon stores will continue to operate as usual.
Robert said he had already begun the search for potential buyers. He added: “Given its sound reputation and dedicated management team, we have already received a number of expressions of interest in Shoon and we are confident that a purchaser can be found. We are actively seeking a buyer for the business and encourage interested parties to get in touch.”
Shoon directors and owners said in a statement: “In spite of our best efforts over recent years, the weak market and the fact we have been unable to economically dispose of our loss-making shops, we believe we are left with no alternative but to enter into administration.”
They added that the management team would work with the administrator to preserve the brand in a profitable and sustainable way.
Shoon is not the only retailer to ail in the tough economic climate. Shoe specialist Barratts Priceless Group went into administration for the second time in two years in December with owner Michael Ziff later striking a deal with administrators to buy the bulk of its stores safeguarding 1,184 jobs.