Sock Shop
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Industry | Retail Specialist |
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Founded | 1983 |
Headquarters | Bolton, Greater Manchester , |
Products |
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Parent | Ruia Group |
SOCKSHOP is a
Business history
Founding
SOCKSHOP was founded by husband-and-wife team Sophie Mirman (daughter of
SOCKSHOP outlets were purchased, many placed for their convenience on busy city streets, in train stations, subway stations and airport, and for their small size, with most having a floor space of between 400–12,000 square feet (37–1,115 m2) and no visible doors.[1] Their stock featured bold colours, dramatic patterns and novelty designs in hundreds of styles. Prices were considered moderate at £0.99 to £24.99 per pair in 1987, with the priciest designs including gold-lace tights.[1]
Early years
The first SockShop store was opened on the
In November 1987, SockShop (recently renamed as a company to Sock Shop International P.L.C) opened three stores in Manhattan, aiming (as in London) towards walk-by traffic. One of these outlets was at the 42nd Street entrance to Grand Central Station, the same principle as behind the first British store's placement.
Administration to present day
A couple of years later, when
In August 1990, the business, 85 shops, and the French subsidiary were purchased for £3.25 million (plus an injection of £3.75 million working capital) by a consortium backed by Scottish fund manager Murray Johnstone. The company was renamed SockShop Holdings. Unsecured creditors and shareholders in SockShop International received no money from the sale. The chairman for Murray Johnstone Developments, Fred Dalgarno, blamed the expense of the US operation and over-expansion for Sock Shop's problems. Having shed the burden of their debts, it was planned that SockShop Holdings be expanded more cautiously.[5]
SockShop Holdings fell back into the administrator's hands a second time after becoming part of the
In 2003, SockShop (by then reduced to 13 stores across the UK) was bought for £3.9 million by the Birmingham-based firm of Harris Watson Holdings. The firm collapsed a third time in 2006. The administrators, Poppleton & Appleby, were brought in on 25 January 2006 to try and salvage the dramatically reduced company. This third collapse was attributed to substantial losses as a result of a slowdown in consumer spending and a rise in running costs.[7] In February 2006, following administration, it was bought by Osan Ltd which is a subsidiary of Ruia Group.
Online shop
Following the 2006 purchase, SOCKSHOP became primarily an internet retailer, and is based at Dove Mill in
Physical stores
SOCKSHOP has two main stores, as well as a number of concessions across the UK.
![SockShop Manchester Arndale](http://upload.wikimedia.org/wikipedia/commons/thumb/3/35/SockShop_Manchester_Arndale.jpg/220px-SockShop_Manchester_Arndale.jpg)
The Lowry Outlet
SOCKSHOP opened a store in The Lowry Outlet in 2014, selling a selection of socks from the company's own brands, as well as items from other companies within the Ruia Group.
Manchester Arndale
In 2015, SOCKSHOP opened a store in the Manchester Arndale shopping centre in Manchester city centre. Located on the ground floor of the centre, the store sells a range of products from SOCKSHOP's own brands.[8]
Charity work
Socks for a Cause
In 2018, SOCKSHOP launched its Socks For A Cause campaign,
Pride socks
SOCKSHOP designed and launched a range of
See also
References
- ^ a b c d e f g Lohr, Steve, A "Silly" Sock Idea Makes Millions, The New York Times, November 23, 1987
- ^ a b O'Sullivan, Jack (21 August 1998). "Going to the dogs (and other ways to survive a recession)". The Independent.
- ^ Butler, Sarah, Sock Shop Looks for New Capital in Drapers, 20 January 1990
- ^ Sophie Mirman May Play Key Role In Sock Shop Rescue Package, Drapers, 2 June 1990
- ^ Butler, Sarah, Sock Shop's Future Plans Revealed Following Consortium Acquisition in Drapers, 11 August 1990
- ^ "Tycoon jailed after "lenient" sentence". BBC News. 16 July 2003. Retrieved 23 April 2022.
- ^ Butler, Sarah (26 January 2006). "Buyer sought for Sock Shop as it collapses for third time". The Times. Retrieved 12 May 2022.
- ^ Greer, Stuart (22 August 2018). "Fashion retailer SockShop enjoys a 31 per cent sales boost". Manchester Evening News. Retrieved 11 May 2022.
- ^ "Donated socks used to fight trench foot in homeless people". ITV News. Retrieved 6 June 2019.
- ^ Kennedy, Dionne (6 February 2018). "No mean feet – Manchester charities receive a year's supply of socks". The Big Issue. Retrieved 6 June 2019.