The trade and assets of Aldo UK have been sold to the Bushell Investment Group (BIG), we were told on Monday. Since the appointment of administrators in May, the business “has successfully traded during a difficult period in which three additional stores have been opened,” administrator RSM said. It added that "supported by the Aldo Group, this sale maintains and strengthens the Aldo brand within the UK”.
The Canadian footwear and accessories group filed for creditor protection in its domestic market earlier this year, as well as in the US and Switzerland. It also exited its Irish business in May.
BIG’s Lee Bushell said of the acquisition: “This is an exciting opportunity and builds on our recent retail investments. Working with the Aldo Group, we believe there is a real opportunity to develop this globally recognized brand in the UK.”
RSM Restructuring Advisory, partner Damian Webb also said that the deal, full details of which weren’t shared, shows that there’s “a future for traditional retailers. Although trading is difficult, it is clear that if parties work closely with their stakeholders it is possible to secure a successful outcome which benefits all parties”.