Barratts, the high street shoe chain went into administration for the third time in four years on Remembrance Day.
The appointed administrators, Duff & Phelps are looking at ways to either restructure the business or find a buyer. A buyer did show interest in the shoe chain as an offer of a £5 million investment was received, but was later withdrawn.
If a buyer is not found for the chain which has 75 stores and 23 concession outlets throughout the UK, around 1035 people could lose their jobs. The timing couldn’t be any worse for staff with Christmas just around the corner and energy bills soaring.
Speaking of the difficult trading conditions and the blow at having an investment offer withdrawn, Philip Duffy, a partner at the appointed administrators, said: “Difficult trading conditions in the sector led the directors to explore potential refinancing options and additional equity for the business.
“In view of the financial position of the company and withdrawal of that equity offer the directors were left with no choice but to appoint administrators.”
The news that Barratts has entered administration is yet another blow to the high street, following the news that Blockbuster had gone into administration again earlier this month. Do you think the two chains will be saved again? Or will these long established brands disappear from the high street for good?
