1980s icon unravels for the third time
Speciality retailer Sock Shop has gone into administration for the third time in its rollercoaster history, blaming increases in 'rents, structural costs and competition in the market' for the decision.

The administrators will continue to trade the company while a purchaser is sought for the business, which has slumped from 75 stores and£3.3 million annual sales in 2005 to just 13 stores and 60 staff. The company also has franchised operations in Cyprus, Greece, Iceland, Lebanon, Jordan, Malta, Kuwait and Portugal.

In attempting to steer itself back into profitability, Sock Shop had been examining ways of increasing revenues, according to marketing manager Caroline Guffog. She said: 'We tried to increase our routes to market with a transactional web site and concession trials.'

Sock Shop is owned by Harris Watson Holdings, which acquired the retailer as part of the Tulchan Group in 2003. However, its heritage is in the booming 1980s when entrepreneur Sophie Mirman and husband Richard Ross launched the iconic sock-centric outlets from a tube station kiosk with£45,000 and knitted their empire into a 140-outlet chain with more than 300 concessions.

At the company's peak, investor demand and a City love-in pushed the value of the business up to£258 million. However, two hot summers when women didn't need to buy tights, together with train strikes and high interest rates meant that by 1990 the retailer had lost its fizz and went into receivership.

In 1996, Tulchan took over Sock Shop from then-owner the collapsed retailer Facia Group.

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