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Schuh calls in KPMG

Schuh has called in advisers from KPMG to assess its options following tough trading.

The footwear retailer has asked landlords for rent reductions, The Sunday Times reports, but is not seeking to launch a company voluntary arrangement (CVA) to offload stores.

A spokeswoman for Schuh said: ”Given the challenging trading climate for all retailers, it is prudent to review options for any eventualities in market. We have no immediate plans for store closures and continue to invest in strategies to enhance customer experience including our new 2020 store design, customer recruitment and CRM.”

Schuh closed all three of its stores in Germany on 22 June, to focus efforts on its UK, Irish and Channel Island business.

In the year to 3 February Schuh’s annual pre-tax profits fell 9.6% to £15m, as a result of the “overtly promotional retail market”.

Revenue at the retailer rose 9.8% to £308.5m.

Founded in 1981, Schuh is headquartered in Scotland and operates 133 stores in the UK, Republic of Ireland and Channel Islands.

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