Steptronic Footwear goes into administration
The recovery post-pandemic may be under way but businesses are still failing. The latest is UK men’s footwear producer and retailer Steptronic. The Rushden, Northamptonshire-based company entered administration this week with Kroll appointed to oversee the process.
The business owns the Steptronic footwear brand, described as “highly recognisable internationally in both the wholesale and retail sectors”.
With a client list of around 3,000 high street and online outlets, the company also operates its own fully integrated website selling a wide range of Steptronic branded shoes direct to the public.
Joint administrators Jimmy Saunders and Michael Lennon said the business had become a victim of supply issues and problems in regaining ground lost during the pandemic that hit the footwear sector particularly hard.
Multiple reports suggested that shoe sales were difficult during lockdowns and the periods after lockdowns when few people were socialising or working in offices as consumers didn't need to replace their footwear.
Saunders said: “The retail sector has faced a number of well publicised challenges and coupled with shipping and supplier delays and a legacy balance sheet debt, the company was unable to meet its liabilities.
“Any prospective buyers for the business are encouraged to come forward as soon as possible.”
In latest available accounts to the end of 2020, the firm made a profit of just over £51,000.
Copyright © 2022 FashionNetwork.com All rights reserved.