Value footwear retailer Brantano has been placed into administration, putting more than a thousand jobs at risk.
Tony Barrell and Mike Jervis of PwC have been appointed as joint administrators of Brantano, after a search for a buyer failed. The retailer filed notice of intention to appoint administrators last week, which temporarily protected it from creditors looking to recover debts.
The retailer has 73 stores and 64 concessions across the UK and employs 1,086 people.
Its head office is based in Hinckley, Leicestershire, where 71 workers are based.
The company was acquired by a firm controlled by Alteri Investors in February 2016 but has experienced difficult trading conditions, despite sustained efforts and streamlining to make the business more commercially viable, said the administrators.
“Despite significant improvements in the business and reductions in the cost base, trading has continued to suffer in a depressed and competitive footwear market,” said lead administrator Barrell.
“Like many other retailers, Brantano has also been hit hard by the sharp decline in sterling, the ongoing shift in consumer shopping habits and the evolution of the UK retail environment.
“The administrators are continuing to trade the business as normal while assessing the trading strategy and any interest in parts of the business over the coming days and weeks. However, regrettably, it is inevitable that there will be redundancies. Staff will be paid their arrears of wages and salaries, and will continue to be paid for their work while the business is in administration.”
There has been no further update on Jones Bootmaker, which also filed notice of intention to appoint administrators last week. A spokesman for Alteri advised there are still a number of credible offers for Jones on the table.