Footwear chain Barratts could be on the brink of going bust for a third time, if the retailer is unable to secure an emergency loan.
According to the Sunday Times, Barratts owner Michael Ziff is attempting to secure a £3m loan to help pay for stock in the run up to Christmas.
Ziff has reportedly approached turnaround investors and asset-based lenders for the funds.
If left without stock for the festive period Barratts could run into difficulty generating enough cash to survive. It is currently offering 20% off everything on its website, which is believed to be a move to improve the chain’s liquidity.
The beleaguered Bradford-based retailer has fallen into admistration twice before, the most recent being in 2011, when more than 2,000 employees lost their jobs.
However when Ziff bought 90 stores out of administration he saved around 1,200 roles.