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Hotter Shoes owner to launch sale process

The private equity firm has appointed investment bank Stifel to run an auction next year, Sky News reports. It said a sale process would not get underway until Hotter Shoes had been able to resume more normal trading conditions, taking into account the impact of coronavirus on retail.

Hotter Shoes’ CVA was given the green light by creditors in July, allowing the business to cull its store portfolio from 61 shops to 15 and change the terms of rental payments.

Last week it was announced that Hong Kong private equity firm Lionrock Capital will acquire a £100m majority stake in Clarks, pending shareholder approval of the retailer’s CVA proposal, which seeks to convert 60 of its 320 UK and Ireland stores to zero rent, and move others to a turnover-based model.

Drapers has contacted Hotter Shoes for comment on the reported plans for a sale.

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