Investment company Hellaby Holdings has tightened its grip on the footwear retailing sector, yesterday agreeing to buy discount chain Number 1 Shoe Warehouse for $22 million.
Hellaby, owner of the Hannahs and Hush Puppy chains, said it would buy 80 per cent of Number 1 next month and the rest
in August 2007.
Number 1 Shoe Warehouse has 29 stores throughout the North and South Islands and is majority owned by managing director, Gerard Peterson.
Hellaby said it planned to add another 11 stores to the chains over the next three years and would continue to upgrade smaller stores.
Hellaby managing director David Houldsworth said Number 1 operated in a different market segment to Hannah's and Hush Puppy, " and is therefore very complementary to our existing businesses".
Number 1 Shoe Warehouse will operate as a separate business to Hannahs and there will be no changes to its management or staff, Mr Houldsworth said.
Mr Peterson will continue to run the business for at least the next two years and will remain as a consultant and director of the business for at least the next four years.
- NZPA
