Major update for 350-store shoe store after sale
A popular 350-store shoe store that was up for sale has received a major update.
Dune appointed audit firm KPMG in March this year to attract new investors to the company.
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The shoe retailer was looking for a buyer who wanted to take over founder Daniel Rubin’s majority stake in the company.
However, a recent update has revealed that the company’s takeover has since stalled.
Accordingly curtainsDune has received offers from a number of potential buyers.
These include Next, Footasylum owner Aurelius Group and overseas shoe manufacturers.
However, the offers reportedly did not meet the company’s target valuation.
Rubin previously said: “After spending 47 years in the footwear industry, now is the time to realize the investment I made in Dune.”
“The business is strong, has a world-class management team and exciting growth opportunities, both in the UK and internationally.”
Last month Dune Group reported a 73 per cent rise in EBITDA to £10.9 million in the year to January 28, 2023.
This was driven by brand expansion and international expansion.
This is because retailers have been feeling the pinch since the pandemic, while shoppers are cutting back on spending due to rising inflation.
High energy costs and the shift to online shopping post-pandemic are also taking their toll and many high street stores are struggling to continue operating.
A major health and beauty chain closed several stores last week amid a series of closures.
On Saturday the shutters will be lowered for the last time in three branches.
The closures are part of broader plans that will see the retailer’s total store count reduced from 2,200 to 1,900.
When Boots first unveiled these plans in June, Boots had not yet confirmed which stores would close.
Since then, more than a dozen stores have closed across the country.
Shops have been closed in Manchester, London and Woking, with more stores set to close in December and New Year.
Brick-and-mortar stores also experienced a lack of footfall due to consumer behavior shifting to online shopping.
Cineworld, Clarks, M&S and Tesco are also closing a handful of stores before the end of the year.
