Barratts enters administration as troubles in retail sector continue
FOOTWEAR retailer Barratts has called in administrators, putting more than 1,000 jobs at risk.
The company operates from 75 stores and 23 concessions across the UK and Ireland employing 1,035 staff.
Philip Duffy and David Whitehouse, of insolvency firm Duff & Phelps, were appointed joint administrators of Barratts Shoes on November 8.
They are reviewing the Yorkshire-based company’s financial position whilst seeking a going concern sale of the business and said at this stage redundancies and/or store closures cannot be ruled out.
Philip Duffy, Duff & Phelps partner, said: “Difficult trading conditions in the sector led the directors to explore potential refinancing options and additional equity for the business.
“The company had recently received an offer from an investor to inject £5m into the company but that offer was withdrawn on the evening of the 7th November. 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.”