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<\/p>\nShoe Zone clearly takes its name seriously – the retailer has announced that Terry Boot will be its next finance boss, replacing Peter Foot.<\/p>\n
Mr Boot will take the position after four years working with The Company of Master Jewellers, which followed roles at Brantano and Jones Bootmaker.<\/p>\n
He likely became a shoe-in for the job after Mr Foot unexpectedly walked away from the business last month, coming after only seven months in the role.<\/p>\n
Anthony Smith, chief executive of Shoe Zone, said: “We are delighted that Terry has agreed to join Shoe Zone and are confident that his considerable experience will strengthen the board.”<\/p>\n
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The appointment comes during a challenging time for the high street due to ongoing lockdown restrictions, with shops not allowed to reopen in England until 12 April at the earliest.<\/p>\n
Shoe Zone said it is unlikely to pay a dividend out to shareholders until it is able to pay off its £12m debt – likely not before 2025 – due to the lockdown-driven losses seen during the COVID-19<\/strong> pandemic.<\/p>\n Shoe Zone, which has 430 stores in the UK, also confirmed that it reduced its store estate by 40 in 2020.<\/p>\n Shares in the business dropped on Monday morning after it fell to a £14.6m pre-tax loss from a £6.7m profit in the previous year.<\/p>\n The group revealed that revenues slumped by 24.3% to £122.3m for the year after it was hammered by closures, although digital sales increased by 82% to £19.3m for the year.<\/p>\n