Fri, 09 Dec 2011 | ADMINISTRATION
Deloitte has been confirmed as the administrator to Barratts Priceless for the second time in two years.
We reported yesterday that the approaching rent day on 25 December might just push the footwear retailer into administration. The 191-store retailer - along with its 371 concessions - are now continuing to trade while a buyer is sought.
Speaking to the Financial Times, joint administrator Daniel Butters said, “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. We will continue to trade the stores whilst we seek a buyer for all parts of the business as a going concern.”
Two years ago Michael Ziff, the chairman of Barratt’s owner Stylo, purchased 160 of the 280 beleaguered stores out of administration. It is hoped that a similar rescue will happen this time.
The FT reported that retail analysts have little trust that the shoe retailer will be saved considering the ongoing turbulent economic climate.
In October Barratts announced a new chairman Richard Segal. Acknowledging the challenges faced by the retail sector in the recession, he said at the time: “I look forward to working with the executive team to accelerate its adaptation to recent market changes.”
Read our previous coverage on Barratts close to administration.
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