UK: Barratts on the verge of collapse?
UK footwear chain Barratts is reportedly on the brink of collapse, putting more than 1,000 jobs at risk less than two years after it slipped into administration.
According to a Sunday Times report, the Bradford-based retailer is seeking a GBP3m (US$4.8m) loan to help pay for stock in the lead-up to the Christmas shopping period.
Without the loan, Barratts stores across the UK and Ireland may suffer stock shortages. The report added that company owner Michael Ziff has approached asset-based lenders and turnaround investors for the money.
The report comes nearly two years after the owner of the Barratts and Priceless Shoes footwear shops collapsed into administration following a downturn in trading.
It was the second time in nearly three years the stores had been threatened with closure, after previous owner Stylo called in administrators in January 2009.
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