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Stylo chairman plans rescue deal

Stylo chairman and chief executive Michael Ziff is reported to be working on a rescue deal to buy back 200 Barratts and Priceless stores from administrators Deloitte.

The Sunday Times said that Ziff was in detailed talks with Deloitte after creditors voted against a Company Voluntary Arrangement proposal last week. Hammerson, one of Stylo’s landlords, is believed to have led a rebellion of landlords against the proposals.

Although Ziff is favourite to complete a deal (the Ziff family controlled 65% of Stylo before it went into administration), sources said that Anthony Smith, the chief executive of Shoe Zone, which rescued Stead & Simpson from administration last year, was also likely to be looking closely at Barratts and Priceless stores. Smith has led the consolidation of the value footwear sector, buying up Shoefayre from the Co-op in 2007, followed by Stead & Simpson last year.

He now controls around 825 stores.

Ziff was unavailable for comment. Smith could not be contacted at the time of writing.

Readers' comments (3)

  • It will be a terrible waiting game now for the staff who are made redundant, a representative of Deloitte will visit the store, ask about your pension, ask about your holiday owing, infact take any owing while they are paying you, dont work any extra unless your paid, and go for interviews in company time your allowed.

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  • yes it is a terrible waiting time for all the staff.Its going to happen to a lot more people in the coming months-not that that is any consolation to those affected within Stylo group.I wish you all well and do as Anon advised -go for interviews in work hours ,take holidays due,this person is right it is "allowed".
    Mr Ziff is an honourable man and as his father before him has always had firm work ethics and unfortunatley due to the recession finds himself in a very difficult situation which had the cva been agreed would have kept all stylo gainfully employed.Best of luck to all

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  • Here is a link to the new group site for ex Barratts and Priceless Shoes employees. For staff to keep in contact with each other.

    http://groups.yahoo.com/group/ESBPS/?yguid=154948532

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