Barratts falls into administration
Barratts Priceless, the footwear retail group, has collapsed into administration threatening nearly 4,000 jobs.
The company has appointed Deloitte as joint administrators after the unseasonally warm autumn weather affected sales of new winter shoe lines.
“Barratts and Priceless Shoes have faced a downturn in trading as a result of the difficult economic conditions. This has been exacerbated by the unseasonably mild weather in recent weeks which resulted in fewer sales across new winter lines,” said Daniel Butters, joint administrator and partner in Deloitte’s restructuring services practice.
Barratts operate 191 shops across the UK as well as 371 concessions which are mostly in Arcadia Group’s BHS and Dorothy Perkins shops.
Deloitte said it would continue to keep the stores trading as it seeks a buyer for all or parts of the business as a going concern.
Barratts previously fell into administration in 2009 but was saved after Michael Ziff, chairman of Barratts Priceless parent company Stylo, bought 160 shops.
