Footwear retailer Stylo has agreed to buy the brand and trading stock of stricken shoe chain Dolcis, which went into administration last month. Stylo, the parent company of Barratts, Shellys and PriceLess chains, has also negotiated the temporary right to operate 24 Dolcis stores.
Stylo executive chairman Michael Ziff says that the acquisition gives it a “great opportunity” to strengthen its position in the competitive retail footwear sector.
Dolcis went into administration three weeks ago, shedding half of its 1,200 staff. Administrators running the chain had expressions of interest from more than 40 bidders. The brand was founded by a market trader in 1853 and grew to more than 150 stores and concessions nationwide. Administrators closed 60 stores last month.
Stylo was formed from the consolidation of three companies in 1935 and operates the Barratts, Shellys and PriceLess brands with 150 stores. Group turnover exceeded £200m last year, and the company has net assets of about £60m.