Thu, 05 Jan 2012 | ADMINISTRATION
The administrators for Barratts Priceless are still searching for a new owner for the embattled business despite announcing 1,600 job losses last week.
The shoe retailer went into administration in early December for the second time in two years, amidst fears that the firm could fail to meet its obligation on its 25 December rent day.
The job cuts will be rolled out across its 191 UK and Ireland stores. It also has 371 concessions, 359 of which are in Arcadia Group stores.
Joint administrator Daniel Butters commented, “Following a marketing of the Barratts Priceless businesses it is clear that a satisfactory sale of the concession to a new party will not be achieved.
“Accordingly, the joint administrators have regretfully to make approximately 1,610 Barratts Priceless Group full and part-time employees working in the various concessions redundant.”
The joint administrators are in “active discussions to rescue a significant part of the remaining business.”
The administrators are talking to several concessionaires to see how many of the affected staff can be re-employed, a Deloitte spokesman said.
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