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Ziff buys bulk of Barratts stores

Owner of Barratts Priceless Group Michael Ziff has struck a deal with administrators to buy the bulk of its stores.

Ziff has bought 89 stores out of administration safeguarding 1,184 jobs. However, a buyer has not been found for 39 stores and 14 concessions so 680 additional redundancies have been made.

Deloitte joint administrator and partner Daniel Butters said: “We are delighted to have negotiated a deal, which will secure the employment of over 1,100 employees and ensure the Barratts and Priceless brands continue, especially given the adversity which has beset the High Street over recent months.”

It is the second time that Ziff has bought the footwear retailer out of administration. Stylo, which owned the Barratts and Priceless Shoes brands, put the retailer into administration nearly three years ago, closing down 220 of its 380 stores.

Ziff, who was chairman of Stylo, bought 160 stores from administrators in March 2009 after shop landlords voted down a restructuring involving a CVA.

Readers' comments (5)

  • This is an abuse of the pre-pack process. It is about time that there was legislation to ban the cynical misuse of pre-pack adm inistrations to offload liabilities. The accompanying pr always says that it is to sagfeguard jobs. What could be more cynical than to use fears about jobs to justify an unfair anti-competitive abuse?

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  • Hear Hear, the law is plain wrong allowing suppliers to carry allow the risks but without any of the rewards.

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  • At least you didn't use the ridiculous phrase you normally use, "rescued by". I always think - "yeah", rescued by a shark.
    Great. more blood in the water. Agree with others -alter legislation now.

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  • As they say, this is the second time Mr Ziff has done this. Is it going to be three strikes and then you're out !!!!!! Something is very wrong about this whole process....

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  • As long as the pre pack option is available - which should be banned - you are always going to get cases like this.

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