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26/01/2009
Footwear Chains Go Into Administration
British High Street shoe chains Barratts and PriceLess have appointed administrators, as their parent company has suspended its shares.
The two chains, owned by Bradford-based Stylo, consist of 400 stores nationwide, and employ a total workforce of 5,450 people.
Administrators from Deloitte said that the company is not in administration, but its shares have been suspended.
Barratts and PriceLess have not been closed and were continuing to trade as normal, Deloitte added.
Deloitte Partner Daniel Butters said: "Stylo has faced a downturn in trading as a result of the current difficult economic and market conditions."
The administrators also said they hoped to place the companies into a Company Voluntary Arrangement (CVA) – a deal regarding the payment of their debts.
Stylo said it did not anticipate any short-term improvement in trading conditions, which it said had "deteriorated markedly".
"Against this background, the board has concluded that current and projected sales cannot support the current cost base of the business, in particular the high rent obligations," Stylo's statement said.
"Therefore a more pro-active restructuring approach is required to return the business to profitability."
The Bradford-based company also said it wanted to repay all creditors in full and reach a new agreement with landlords.
Last year Stylo bought the shoe retailer Dolcis after it went into administration. It also sold Shellys footwear brand to a Hong Kong company in March to reduce costs.
(JM/BMcC)
The two chains, owned by Bradford-based Stylo, consist of 400 stores nationwide, and employ a total workforce of 5,450 people.
Administrators from Deloitte said that the company is not in administration, but its shares have been suspended.
Barratts and PriceLess have not been closed and were continuing to trade as normal, Deloitte added.
Deloitte Partner Daniel Butters said: "Stylo has faced a downturn in trading as a result of the current difficult economic and market conditions."
The administrators also said they hoped to place the companies into a Company Voluntary Arrangement (CVA) – a deal regarding the payment of their debts.
Stylo said it did not anticipate any short-term improvement in trading conditions, which it said had "deteriorated markedly".
"Against this background, the board has concluded that current and projected sales cannot support the current cost base of the business, in particular the high rent obligations," Stylo's statement said.
"Therefore a more pro-active restructuring approach is required to return the business to profitability."
The Bradford-based company also said it wanted to repay all creditors in full and reach a new agreement with landlords.
Last year Stylo bought the shoe retailer Dolcis after it went into administration. It also sold Shellys footwear brand to a Hong Kong company in March to reduce costs.
(JM/BMcC)
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