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Sterling Shoes reaches agreement to open 10 more stores

18
Feb '06

Independent footwear retailer offering a broad selection of private label and brand name shoes and accessories Sterling Shoes Income Fund has reached agreements in principle with a number of landlords to open 10 stores over the next year subject to final lease documentation.

The Vancouver-based footwear company anticipates to finish the lease agreements by the end of March 2006.

Jeremy Horwitz, Sterling Shoes' President and CEO, said, "We continue to solidify and expand our market share in all regions in which Sterling Shoes operates."

"Based on the agreements in principle, the 10 new stores are expected to open between April 15, 2006 and February 15, 2007. These stores are in addition to the 8 new stores previously announced, which are expected to open over the next 8 weeks.

The addition of these 10 locations is expected to bring Sterling Shoes' total number of stores to 123 across its four banners: Sterling, Joneve, Shoe Warehouse and Freedman's."

Sterling Shoes is a leading footwear retailer offering a broad selection of private label and brand name shoes and accessories across five Canadian provinces through its four separate retail banners: Sterling, Joneve, Shoe Warehouse and Freedman's.

Sterling Shoes currently employs over 800 employees, and its sales for the 12 month period ended September 30th 2005 were $77.7 million. Its units are listed on the Toronto Stock Exchange under the symbol SSI.UN.

Sterling Shoes Income Fund

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