Kurt Geiger joins list of Jones Bootmaker bidders
today Mar 15, 2017
The ailing chain is being sold by Alteri after less than two years in its portfolio with the turnaround specialist having already filed notice of intention to appoint administrators. That move is seen as buying it time to negotiate a deal for the business be taken over.
Along with Kurt Geiger, Bathstore owner Endless is also circling the firm, Sky News reported, although there are also believed to be other bidders.
The news channel said the two named bidders are in rescue talks that could save hundreds of jobs at the chain. However, it is unclear whether that would mean a majority Jones’s 1,100 jobs can be saved. Ominously, Kurt Geiger is reported to be most interested in the 160-year-old brand name rather running than its 100-plus retail stores and concessions.
The filing of an intention to appoint administrators gives Alteri until next week to work out a deal without creditors being able to wind up the firm.
And if it does go into administration, it could mean a new owner buys Jones without it being weighed down by lossmaking stores and debts. But this would also mean creditors, including landlords and suppliers, lose out.
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