Green will not even attempt to turn the 320-store chain into a money-making machine. Of the 320 shops, Sears had already earmarked almost 150 for closure. Green has agreed to take on the stock from all the shops, but has reached agreement with David James, the company doctor brought in to sort out Sears's shoe business, to hand over those stores he does not believe are viable once the stock is sold. This could happen at the end of January and Sears will then carry the cost of closure.
Of the 170 stores remaining, Green intends turning almost 100 into Mark One stores. The rump will either continue to trade as a small shoe-shop chain, if Green believes he can make it work, or be sold or closed. Those costs will be Green's, but he seems unperturbed at the prospect. 'We've had approaches since Monday from several shoe retailers that, it would appear, are interested in additional sites,' he says. 'So I'm reasonably relaxed that if I decided it doesn't work for me, then it may work for them because they will already have an infrastructure in place.'
If the Shoe Express deal does succeed, it will not be the first time Green has made a handsome turn from acquiring loss-making shoe businesses from Sears. In tandem with Tom YSL, the founder of Sports Division, Green bought Olympus Sports from Sears. At the time, Olympus was loss-making, but since then it has been merged with YSL's Sports Division and the losses have turned to profits. Green retains a stake of almost 13% in the enlarged sports division, although he has no board seat or involvement in running the shoe business. If, as is planned, the company floats next spring, Green is likely to sell part or all of his holding for a handsome profit.
Aside from Sports Division, Green's only current connection with publicly quoted companies has been at Owen & Robinson, the ailing retailer, where he took control in July 199 Now renamed Cadoro, the company has since merged with Capolito Roma, the men's shoe fashion retailer, whose chief executive, Michael Abrams, is trying to revitalise the shoe business and return it to profit in the second half of this year.
So does Green intend to tackle the stock market again with Mark One, his main shoe business? He bought what was an undistinguished discount shoe business in February 1996, and has been working hard to turn it round. Green dismisses suggestions that he might be looking at acquiring other parts of the Sears empire to add on to Mark One. 'We've done our Christmas shopping,' he says. 'We'll digest this, which will give us plenty to do for at least six months.'
At Mark One he has also tried to steer away from the pure discount-store model, instead trying to sell clothes on the basis of shoe fashion rather than price. 'We've taken a view to make some money, not to chase sales,' he says. 'Our margins are very significantly up year-on-year.'
But he is far from impressed with even the suggestion that he might try a return to the stock market, this time with a different ending. 'I haven't got any desire at all to move into the public arena,' he says. 'With what I have been able to build up privately I don't want the stress of a public company.'
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