Stylo gives boot to Shelly shoes

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The once-popular stores, made famous by selling fashionable shoes from winklepickers to Chelsea boots and Doc Martens over the years, were blamed by Stylo for dragging down its bottom line.

Shellys was a small part of the Stylo empire, with just six stores compared with the 207 Priceless and 169 Barratts shops in its portfolio.

Stylo paid £1.5 million for the chain but did not release financial details of the sale to Hong Kong's Eternal Best Industries.

Shellys' fortunes have taken a tumble after moving to more upmarket footwear during the 1990s from its tried and tested market.

Stylo undertook an aggressive clearance sale of thousands of old and outdated shoes but all attempts to turn the business around failed.

The firm has been suffering in the retailing downturn and has seen its share price fall by 57% in the past year.

Nevertheless, it has continued to expand. Earlier this year it acquired parts of shoes chain Dolcis which went into administration in January.