Sun, 27 Oct 2013 | BUSINESS NEWS
Bradford-based high street shoe retailer, Barratts, is suffering a cash flow crisis and is bordering on collapse, according to reports.
The Sunday Times says the high street shoe chain is desperate for funds to purchase stock for the pre-Christmas season. Around £3 million is reported to be required and the company's owner, Michael Ziff, has been going cap in hand to turnaround financiers and asset-based lenders.
The pre-Christmas season is vital for many retailers, as it hopefully enables them get through the flat period the lasts till mid-January. Over the past few years, there have been many instances of retailers who have not enjoyed a successful Christmas trading period, falling into administration the following month.
No doubt the screws have been tightened by some of the company's key suppliers who are very likely to be demanding some tough credit terms. It was less than two years ago that Barratts last called in the administrators, leading to job losses for over 2000 employees. Some of the employees were retained after Michael Ziff bought into the distressed business and outlined a rescue plan that kept some of the better performing shops trading and a greater emphasis on ecommerce operations.
According to the company website, there are currently 45 Barratts stores in England and Scotland, 15 stores in Northern Ireland and 15 in the Republic of Ireland.
The flagship website Barratts.co.uk is currently running a 20 per cent off everything offer in a bid to improve liquidity.
The company provides a comprehensive range of contract carpentry services, including joists and roof construction, first- and second-fix carpentry, and timber frame installation, for residential and commercial projects across the south of England.
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