UK: Barratts closes quarter of store network
Reports surfaced in early October that Barratts was in trouble
UK footwear chain Barratts has closed around a quarter of it stores after collapsing into administration for the third time last month.
A spokesperson for Barratts' administrators, Duff & Phelps, confirmed to just-style today (2 December) that 19 of its stores have now closed.
The move has put around 200 jobs at risk, the spokesperson said, but declined to comment further on the closures or whether there will be any more.
Barratts, which operates from 75 stores and 23 concessions, employs around 1,035 people across the UK and Ireland.
Reports surfaced in early October that the Bradford-based firm was in trouble and that it was seeking a GBP3m (US$4.8m) loan to help pay for stock in the lead-up to the Christmas shopping period.
When it slipped into administration last month, Duff & Phelps said "difficult trading conditions" in the sector led the directors to "explore potential refinancing options and additional equity for the business".
In December 2011, the Barratts Priceless Group - owner of the Barratts and Priceless Shoes footwear shops - collapsed into administration after a downturn in trading.
Prior to this, previous owner Stylo called in administrators in January 2009, with Ziff rescuing 160 stores as well as 165 concession outlets.
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