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Schuh staff in line for windfall
10:07, 24 June 2011
by David Jones
You could say they're now well-heeled.
Staff at two Kent trendy footwear stores are to receive a surprise cash windfall after a giant American shoe retailer bought the company which employs them.
Schuh, which has outlets at Bluewater and Fremlins Walk, Maidstone,
has been taken over in a £125 million deal by Tennessee-based Genesco, which owns more than 2,200 stores in the US and Canada.
The good news for the staff at the two Kent shops is that they are to receive a share of £37.3 million sale proceeds being distributed to the Schuh Group's 2,287 employees.
The Bluewater outlet has 62 staff and Maidstone 18.
The multi-million bonanza will be shared between staff at the company's 59 stores and 16 concessions.
To qualify for the unexpected bonus, which was part of the takeover transaction, staff must have been employed for at least three months.
Schuh, founded in Edinburgh 30 years ago, turned in a profit of £17.3 million in 2009-10 - an increase of 21,2 per cent over the previous year.
Average age of employees is 21, with two years' service.
A spokesman for Schuh said today she could not put a figure on the average payout. Size of individual windfalls would depend on length of service.
Typically, a long-serving employee could expect to receive the equivalent of two-and-a-half years' salary.
Colin Temple, Schuh managing director, said: "We are very pleased to be able to distribute £37.3 million to our employees whose hard work and dedication has been instrumental to Schuh's success."
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