Hotter Shoes owner Electra Private Equity PLC has announced it will pump 2 million pounds into the British footwear retailer as part of its company voluntary arrangement (CVA).
The retailer got the green light last month from creditors to go ahead with its CVA which will see 46 of its stores permanently closing, bringing its total number of stores from 61 to 15. The CVA proposal, approved by 99.5 percent of voting creditors, was launched on 9 July in an effort to avoid the possibility of an administration filing.
On announcing the creditor green-light last month, Hotter Shoes CEO Ian Watson confirmed that the company would be focusing on its digital channel moving forward. “Now, we can focus on accelerating the implementation of our strategy to develop the respected and valuable Hotter brand with a greater emphasis on its online offering, which should establish a successful long-term future for the business," he said.
The retailer’s UK e-commerce sales grew 11 percent as of July, with 35 percent coming from new customers.
Photo credit: Hotter Shoes, Facebook