Competition hits footwear retailer Stylo in cautious mode
01 May '06
3 min read
The company said, however, it would pay £800,000 into Ziff's new scheme that implies Stylo's fund would benefit by £600,000.
According to published figures for the year January 29, 2005, he received £300,000 a year in basic salary on account of awarding him with a pay rise of £52,000 a year.
The company said it would pay a one-off lump sum of £5m into its plan which, jointly with Ziff's bargain, was expected to leave the deficit at a level where it can be managed and possibly paid off over 10 years.
The company has closed its final salary scheme to new members in 2001.
Ziff acknowledged that Stylo had made "significant progress" on addressing its pension fund deficit and had also bought back 8.7 million shares during the year at a total cost of £5.3 million. He said, "We remain cautious of the impact of proposed increases in duty on certain far eastern imports.”
“But by careful management of our capital investment programme, costs and stocks, we remain in a strong position to take advantage of any improvement in the retail market," he added.
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