SBC Warburg and Sears chief executive Liam Strong are working on plans to sell all, or part, of British Shoe Corporation. A joint venture partner is also being considered. Disastrous Christmas trading was the focus of Sears’ profits warning last week.
The management of Shoe Express, Shoe City and Dolcis are believed to have been given until the summer to produce an improvement. Strong thinks a demerger of Selfridges would be impossible until a solution is found for the ailing shoe shops.
The Mail on Sunday reported that Otto Versand, of Germany, is putting together a plan to break up Sears with Richard Caring.
- The Daily Telegraph 13/01/97 page 23, page 24 (The City Checklist)
- The Times 13/01/97 page 44
- Financial Times 13/01/97 page 21
- The Independent 13/01/97 page 18
- The Guardian 13/01/97 page 17
