Shoe Zone boss Nick Davis has quit as the budget footwear retailer warned of weak results in the face of “tough” high street trading conditions.
His resignation as chief executive “with immediate effect” came as the company said in an update that trading conditions since its interim results in May had been “challenging” and that it expected to fall short of its full-year performance targets.
In a market update, the firm said Mr Davis had “tendered his resignation in order to leave Shoe Zone and pursue other business interests”.
“As a result, Nick will be leaving the group with immediate effect,” it added.
Mr Davis’s role will be filled by the current executive chairman Anthony Smith.
The statement issued by the company highlighted the “tough high street trading environment” and said that as a result of a review it would be writing down the value of its 17 freeholds properties by £3.1m, to £5.3m.
Mr Smith said: “I would like to take this opportunity, on behalf of the board to thank Nick for all of his work since he joined the business in 2003… The board wishes him well in his future endeavours.”
He added: “As has been widely publicised, the UK high street is currently facing a challenging environment in which to operate.”
Shoe Zone has around 500 stores and employs about 3,500 people across the UK and Ireland.
The firm sells some 18 million pairs of shoes a year at an average price of about £10 a pair.
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