Two major British shoe retailers, Stylo and Shoe Zone, are reportedly both considering buying up Shoefayre, which may be worth around £2 million, according to Drapers. A management buyout is said to be an alternative option. The footwear chain is currently owned by The Co-operative Group. Shoefayre recorded losses of 8 million in 2005. They declined to 6.3 million in 2006 on sales of 61.7 million. The chain has 200 stand-alone stores and 50 concessions in Co-op stores, but represents only about 1 percent of the group’s total turnover. Simon Palmer replaced Lyle Findlay as managing director in May. The new management has plans to invest 10 million over a 3-year period to turn the business around.