Shoe Zone chief executive Anthony Smith wrote to suppliers yesterday and said he was confident he could reinvigorate the middle market footwear chain.
He said in the letter: "We intend to return Stead & Simpson to is former glory as a mid market branded family footwear etailer. The shops we have acquired and transferred from Shoefayre will have a strong market town bias. We are confident we can deliver success as a mid market footwear retailer based on our Shoe Zone model with leather footwear as the central element to our ranges."
He added: "I expect people's first reaction may be that we are mad and have bitten off more than we can chew and therefore I feel it best to explain our rationale behind the deal to gain your support."
PriceWaterhouse Cooper which was appointed to sell the Stead & Simpson business confirmed this morning that 2,700 jobs had been saved through the deal.
To read the full letter click the document below. To read yesterday's Drapers exclusive about the Shoe Zone deal click here.
To read PWC's statement see below.