New buyer found for beleaguered footwear chain
Over 800 jobs have been secured after a deal was agreed to sell a significant part of a struggling UK retailer.
It has been announced that the majority of Jones Bootmaker has been bought up by the investment firm Endless.
The successful sale will mean that 72 of the footwear chain’s 103 stores will remain open and 840 jobs are safe.
However, the remaining outlets are now set to close their doors, with around 260 redundancies expected nationwide.
Attempts by the retailer’s previous owners, Alteri Investors, to agree a sale had been underway for some time.
Jones’ sister business, Brantano UK, had gone into administration earlier this month and there have been concerns about the future of both brands.
Endless had brought the profitable part of Jones under a “pre-pack” administration deal.
Administrator Will Wright said: “We are delighted that we have been able to rescue such an iconic UK footwear brand…including a high proportion of stores and preserving a large number of jobs, especially given the current economic pressures faced by retailers across the UK.
“This deal recognises the value of Jones as a strong and popular High Street brand with a loyal customer base.”
Brantano UK still remains at risk, with efforts to find a new owner having thus far proven fruitless. Earlier this week, the retailer stopped trading online and it is feared that time may be running out to clinch a deal.