Barratts Shoes enters administration (again)

UK high street shoe store Barratts, which employs 1,035 people in the UK, has gone into for the third time in four years.

Duff & Phelps, who have been appointed as administrator, said:

At this stage redundancies and/or store closures cannot be ruled out.

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.

Duff & Phelps also revealed that an investor had offered to inject £5m into the ailing company but withdrew the offer on 7 November. Established in 1913, Barratts currently has 75 UK and Ireland stores.

The retailer has suffered over recent years when previous owner Stylo called in administrators in 2009, resulting in the closure of 220 of its stores.

Administrators were called in again in 2011, this time the responsibility fell on Deloitte. The administration process resulted in 2,500 job losses and the closure of 100 stores, as Deloitte searched for a buyer.