Suppliers are bracing themselves after troubled footwear retailer Jones Bootmaker was sold via a pre-pack administration deal today to rival chain Pavers.
The deal by private equity firm Endless to sell the struggling chain to Pavers, marks Jones Bootmaker’s second administration in a year. Endless bought the business out of administration in March last year.
Pavers has now acquired 42 of Jones Bootmaker’s 47 stores, but has not bought the Jones head office. The deal has resulted in 86 redundancies.
Suppliers told Drapers they are yet to be contacted by Jones Bootmaker and are concerned over retrieving stock through retention of title.
“We have been waiting on payment since the beginning of the month and are owed a six-figure sum,” said one supplier.
“They have been stalling [on payment] and have not told us anything about the sale. We have full retention of title so I want to get my stock back. It’s another nightmare for footwear retail.”
Another supplier told Drapers he was worried about losing money owed by the business, adding: “It is really concerning. No one in the shoe trade wants to see them fail as that’s one less retailer to sell to but it hasn’t had the investment it needs since the new owners took it over a year ago.”
A source close to the situation told Drapers: “The fact that they are selling it so quickly having only acquired it 12 months ago suggests it’s in trouble. It’s in distress.”
Before the deal, Pavers traded from 130 shops and employed 1,300 people.