Stylo has bought Dolcis out of administration, as predicted by Drapersonline.com on Monday.
Stylo has acquired the Dolcis name, 10 of its stores and the footwear chain’s stock. The value of the deal was not disclosed.
It has also taken a handful of additional shops on temporary leases which it will use to clear stock.
Stylo chairman and chief executive Michael Ziff said the deal gave the group control over the destiny of Dolcis’ stock and that it would reduce competition for Stylo’s Barratts chain. Dolcis was Barratts’ main competitor.
The deal is great news for middle market footwear specialists which have struggled with over supply in the market. Earlier this month Shoe Zone rescued Stead & Simpson from administration which will also reduce the number of middle market footwear stores in the market. Last year, Clarks shut its Ravel chain taking another operator out of the scrum.
Ziff said he expected to clear the Dolcis stock within three months when the temporary shops would be closed and the 10 permanent stores would be rebranded to Barratts. The 10 shops are Reading, Leicester, Wimbledon, Walthamstow, Epsom, Solihull, Henley and Jersey. He added that he would review what to do with the Dolcis name.
Ziff said he would negotiate with Dolcis’ concession partners which includes an operation in the Co-op, over the next few weeks.
Up to 300 jobs have been saved by the deal.