Brantano enters administration
Value footwear retailer Brantano has entered administration.
Tony Barrell and Mike Jervis of PwC have been appointed as joint administrators of Brantano Retail Limited which operates 73 stores and 64 concessions across the UK and employs 1,086 staff.
Brantano was acquired by Alteri Investors in February 2016 but has been battling against “difficult” trading conditions.
Barrell, lead administrator at PwC, said: “Despite significant improvements in the business and reductions in the cost base, trading has continued to suffer in a depressed and competitive footwear market. Like many other retailers, Brantano has also been hit hard by the sharp decline in sterling, the ongoing shift in consumer shopping habits and the evolution of the UK retail environment.”
The administrators are continuing to trade the business while a buyer is sought but said some redundancies are “inevitable”.
Barrell added: “Staff will be paid their arrears of wages and salaries, and will continue to be paid for their work while the business is in administration.”
Alteri Investors also owns Jones the Bootmaker and is understood to be seeking a buyer for the business
