Dune appointed accounting firm KPMG in March this year in a drive to attract new investors to the business.

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The footwear retailer was on the hunt for a buyer to take on founder Daniel Rubin’s controlling stake in the business.

However, a recent update has revealed that the firm’s takeover has since stalled.

According to Drapers, Dune has received bids from a number of potential buyers.

These include Next, Footasylum owner Aurelius Group and footwear manufacturers from overseas.

But the offers reportedly did not match the target valuation of the business.

Rubin previously said: “Having spent 47 years in the footwear industry the time is right to realise the investment I have made in Dune.

“The business is strong with a first-class management team and exciting growth opportunities, both in the UK and internationally.”

Last month, Dune Group reported a 73 per cent rise in EBITDA to £10.9m in the year to 28 January 2023.

This was driven by brand elevation and international expansion.

It comes as retailers have been feeling the pinch since the pandemic while shoppers are cutting back on spending due to soaring inflation.

High energy costs and a shift to shopping online after the pandemic are also taking a toll and many high street shops have struggled to keep going.

One major health and beauty chain closed multiple shops last week following a string closures.

Boots will be pulled down the shutters for the final time on three branches on Saturday.

The closures come as part of wider plans that will see the retailer’s total shops reduced from 2,200 to 1,900.

Boots had not confirmed which stores will shut when it first unveiled these plans back in June.

Since then, more than a dozen shops have closed across the country.

Stores have shut in Manchester, London and Woking while more are earmarked for closure in December and the New Year.

Brick and mortar stores have also seen a lack of footfall due to consumer habits switching to online shopping.

Cineworld, Clarks, M&S and Tesco are also closing a handful of stores before the end of the year.