Johnsons Shoes Company bought out of administration by independent retailer
Family-run footwear business Johnsons Shoes Company has been bought out of administration, saving 66 jobs.
Johnsons Shoes Company had filed for administration in May 2020, citing online competition and the impact of COVID-19.
Johnsons Shoes Company, which operated stores under the Johnsons Shoes and Bowleys Fine Shoes brands, has been purchased by Newjohn Ltd which is part of the independent retailer, Daniel Footwear.
Johnsons Shoe Company’s existing stores in Teddington, Twickenham, Walton-on-Thames, Farnham, Staines and Northwood have all been saved, and will continue to trade as Johnsons Shoes.
The firm’s other stores in Windsor, Newbury, East Sheen, New Malden, Beaconsfield and Richmond have immediately ceased trading, resulting in a 79 job losses.
Ian Defty and Richard Toone from insolvency and restructuring firm CVR Global were appointed as joint administrators of Johnsons Shoes Company, and successfully secured a buyer for part of the business.
Ian Defty, Partner at CVR Global, said: “Rescuing any high street retailer during one of the most volatile economic periods in living memory is no mean feat – so we are pleased to have saved a significant number of jobs and half of the store’s estate.
“The business has traded strongly for many years, but last year was particularly difficult for them as they battled with rising rent and business rates, combined with the increasing competition from online shopping.
“However, we believe we have found a buyer who, with more than 20 years of retail experience, is the perfect fit for Johnsons Shoes as they are ideally placed to help them expand their online presence and product offering.”