Several Jones Bootmaker suppliers have been left “out of pocket” following the footwear firm’s pre-pack administration, Drapers has learned.
KPMG was appointed administrator of Jones on 24 March. Later that day, private equity firm Endless acquired 72 of its stores in a pre-pack deal, securing around 840 jobs in the UK.
Drapers understands Endless has been striking deals with some suppliers. One brand said the private equity firm had settled the majority of its debt.
However, he added that not all suppliers were getting the same deal: “They can’t afford to do what they did for us for all suppliers. We came out of it a little scathed but it could have been a lot worse, and it is for others.”
Another supplier said he was trying to regain his losses through his retention of title agreement, which allows brands to retain ownership over any unsold stock.
“A number of preferred suppliers are dealing with the new owners while the rest of us have been passed to the administrators and are trying to claim our retention of title. We expected to get pretty much nothing back [in the pound] in terms of what we are owed.
“A lot of people are out of pocket for a lot of money. It’s disappointing as we’ve supported the business for years but for us it’s painful rather than disastrous.”
Drapers has contacted KPMG for a comment.