Thu, 08 Dec 2011 | ADMINISTRATION
Barratts Priceless, the footwear retail chain, is reported to be close to appointing administrators amidst weak trading and strong competition from budget retailers. There are also concerns that the retailer will be unable to pay its next quarterly rent bill due on 25 December.
Two years ago its then owner Stylo put the Barratts and Priceless shoe brands into administration, a process which led to the closure of 220 of its 380 stores in the UK. It also operates 300 concessions, mainly located in Debenhams and Arcadia stores.
In March 2009, Stylo’s chairman Michael Ziff bought 160 outlets from Deloitte, the administrators on the case.
It is understood that Deloitte could be appointed again if it becomes apparent the firm will not be able to pay the looming bill.
A source close to the situation told the Financial Times, “Barratts Priceless’s problem is not so much rival shore operators like Clarks and Shoe Zone, but New Look, Primark and the supermarket chains who are all selling cut-price shoes.”
In its latest recorded accounts the firm had revenues of £218 million in the 18 months to 31 July 2010, with a pre-tax profit of £6.1 million.
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