ShoeZone has announced a new boss after permanently closing 40 stores across the UK as a result of Covid restrictions.
The discounter said new finance boss Terry Boot will today replace Peter Boot, who walked away unexpectedly last month after just seven months in the role.
The footwear retailer said that Boot will join the company with immediate effect.
He will take on the position after four years working with The Company of Master Jewellers, following roles at Brantano and Jones Bootmaker.
Anthony Smith, chief executive of ShoeZone, said: "We are delighted that Terry has agreed to join Shoe Zone and are confident that his considerable experience will strengthen the board."
It came as the retailer today announced it will pay no dividends to shareholders until it is able to pay off its £12million debt, which is not expected to be until 2025 at the earliest.
ShoeZone also confirmed that it reduced its store estate by 40 in 2020 as a result of Covid restrictions and sales losses.
Shares in the business dropped on Monday morning after it fell to a £14.6million pre-tax loss from a £6.7million profit in the previous year.
The group revealed that revenues slumped by more than 24% to £122.3million for the year after it was hammered by store closures.
Smith said: "We do not expect profits will return to pre Covid-19 levels for the foreseeable future.
"Lockdown in November and January to mid-April so far in this financial year makes a return to profit extremely unlikely until the financial period ending on October 2 2022 at the earliest.
"I would like to thank all those who gave us assistance in 2020 and have continued to help us in 2021.
"We are working very well as a management team in finding innovative ways to secure a future for our extremely dedicated Shoe Zoners."
All of the company's 430 high street and retail park stores are currently shut due to coronavirus restrictions and will reopen from April 12 at the earliest in line with Boris Johnson's lockdown roadmap.
