Schuh bought by U.S. Giant

Schuh, founded in 1981 by Sandy Alexander, who had only one store, located in North Bridge Arcade, Edinburgh, have announced that £37.2 Million of money generated from the sale, will go towards current staff, which works out at around £16,000 for shop assistants and managers, depending on how long they have worked there, with another £7 million being used to form a charity, The Schuh Trust. In the past 12 months, Schuh have generated a turnover of £164 million.

Genesco are known in the states for clothing store ‘Journeys,’ as well as other stores selling footwear, headwear and other forms of apparel, have announced that they have no intention re-brand Schuh but instead was looking to benefit from Schuh’s expertise as a private brand.

Colin Temple, Schuh Managing Director, commented on the takeover, saying “Like Journeys, we specialize in providing our customers with branded casual and athletic footwear styles that are in line with current fashion trends and with a breadth and depth of assortment that is difficult to find elsewhere. We are excited to join the Genesco family and believe the combination of our talented organizations will help to further distinguish our concepts from the competition and accelerate our future growth plans.”