Shoe manufacturer and retailer Hotter is headed for a CVA after failing to secure adequate rent reductions from store landlords. The restructured business is expected to radically reduce its store estate which currently comprises 80 stores. It is understood that formal consultation with employees at its head office are taking place as there is expected to be a significant number of redundancies. The goal of the Electra Private Equity owned business is to secure the future for a smaller more sustainable operation with more focus on selling more product via direct to consumer channels.
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