Hundreds of Brantano jobs still at risk despite deal by administrators
THE collapse of shoe retailer Brantano has lefts hundreds of jobs at risk despite a deal that will see the former owner take back most of the chain.
Alteri Investors has secured 140 of the 200 outlets nationally and preserved 1,372 jobs.
The deal comes just four months after Alteri bought the distressed retailer as part of a £12m deal from Dutch-based Macintosh Retail Group, but was forced to appoint Tony Barrell, Mike Jervis and Rob Hunt of PwC as joint administrators of Brantano UK on January 21.
The Leicestershire-based group employs around 2,000 staff nationally across a network of 140 stores and 60 concessions.
Across the West Midlands, the company has outlets in Burton-upon-Trent, Cannock, Coleshill, Coventry, Lichfield, Oldbury, Shrewsbury, Stafford, Stoke-on-Trent, Tamworth, Walsall, Warwick, Worcester, Yardley and The Fort Shopping Centre.
Analysts said the company had fallen victim to a change in the public’s shopping habits, with many now choosing to buy their goods online rather than visit the stores themselves – even for something as basic as shoes.
PwC deals partner Robert Moran led the sales process and said Alteri’s offer was the best outcome despite “interest from a number of parties, both trade and private equity”.
He added: “We are delighted that 1,372 jobs have been preserved through the transaction and thank the Brantano team for working closely and collaboratively with us throughout what has been a difficult period for the business.”
Lead administrator Mr Barrell said: “We continue to trade the remaining Brantano business whilst discussions with interested parties continue. Unfortunately, in the event further sales are not possible, redundancies will become inevitable.”
