Fri, 22 Jan 2016 | ADMINISTRATION
Budget shoe retailer Brantano has been placed into administration, only four months after being purchased by investment firm Alteri Investors.
PwC are now trading the company in administration while a buyer is sought out. It is understood that many potential buyers have already stepped forward.
Staff are to be paid as normal for their work at the business while it is in administration, it has been confirmed by the administrators. Brantano has about 2,000 employees across its 140 stores and 60 concessions in the UK.
Retail investment firm Alteri Investors bought Brantano, as well as Jones Bootmaker, from Dutch firm Macintosh Retail Group in October. Jones is unaffected by the administration.
Administrator Tony Barrell at PwC said: "The continuing challenging conditions for 'bricks and mortar' retail stores are well documented.
"Like many others, Brantano has been hit hard by the change in consumers' shopping habits and the evolution of the UK retail environment."
It has become typical to see retailers fail after the quarterly rent day at the end of December, following on from the crucial Christmas trading period. Brantano is the first to encounter such difficulties this year.
Alteri specialises in turning around troubled businesses, but the BBC reported it became apparent that Brantano's trading situation “was worse than expected”, while its Christmas trading failed to meet expectations.
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