Michael Ziff, the long-standing boss of Barratts, is understood to have been dismissed alongside two other directors as trade buyers circle the beleaguered footwear retailer.
Administrator Duff & Phelps is believed to have fired Ziff, finance director John Weaving and buying and merchandising director Simon Robson this afternoon, with immediate effect.
Philip Duffy of restructuring firm Duff & Phelps, which was appointed as administrator last month, told Drapers he was in negotiations with interested parties, adding they were trade buyers.
The retailer, which hit the buffers for the third time in five years in October following difficult trading conditions, closed 19 of its 75 stores in November, affecting 200 jobs. Duffy said he could not rule out further store closures.
The retailer is currently offering 30% off its entire range.
Ziff was unavailable for comment.