Per Thelin is to be replaced by Susanne Börjesson as chief executive at Wedins, the Swedish footwear and accessories retail chain, on Feb. 1. Börjesson, who currently oversees purchasing and product selection at the company, is 43, and has helped to navigate the company in its choices for a growing fashion accessories business.

Thelin, who feels satisfied with all the changes he has pushed through, has decided to leave the footwear business and start something new. Staffan Gustavsson, who is currently chief financial officer, will be made deputy chief executive of the company.

As reported earlier in Shoe Intelligence, Wedins’ accounts are still in the red. The Swedish footwear and accessories retailer posted losses of 31.3 million Swedish kronor (€2.9m-$3.9m), after tax, for its financial year ending Aug. 30, of which SEK 21.4 million (€2.0m-$2.7m) was attributed to the Wedins business.

It will now sell its flagship store space in central Stockholm to H&M on Jan. 1 to increase the company’s liquidity, after selling 59 of its footwear stores to Eurosko, a Norwegian retailer, on Sept. 1. The footwear stores are still being run under the Wedins banner.

Management aims to pull the company out of the red in 2009 and has fixed itself the target of a 10 percent profit margin within three years. The retailer laid off 45 employees at its head office after the sale to Eurosko, and is repositioning the Rizzo banner by introducing Don Donna, a brand situated below the house brand on the price scale.