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Ziff family complete Stylo rescue

The Ziff family have rescued 160 Barratts and Priceless shops, part of the Stylo group, from administration.

Stylo chairman and chief executive Michael Ziff said the family had bought the Stylo, Barratts and Priceless names from administrators Deloitte as well as 160 stores, the internet business and Stylo’s 165 concessions within Dorothy Perkins.

Michael Ziff told Drapers his priority was to talk to suppliers and stabilise the business.

Our suppliers are the lifeblood of this business and I want to look after them.

Stylo chairman and chief executive Michael Ziff

He said: “The first thing we need to do is stabilise the business but trade has been not too bad in the last few weeks. Our suppliers are the lifeblood of this business and I want to look after them. Clearly we are now a smaller business but we want to make sure we honour our commitments to them as best we can going forward.”

David Lockyer will continue to run the Barratts chain and Ron Stark will continue to run Priceless. Buying director Roger Parr will also remain at the business.

Neville Kahn, Deloitte partner and joint administrator said: “Given the difficult trading environment, we are pleased to have achieved a deal which will save 160 Stylo stores and 165 concession outlets across the UK and Ireland, thereby safeguarding 3,000 jobs. Due to difficult short term financial difficulties and the long term sector outlook, however, the store portfolio was deemed to be too large, and unable to generate sufficient profits to cover its cost base.  As a result, the remaining 220 stores will be closed imminently, with the regrettable loss of 2,500 jobs.”

Stylo was forced into administration after landlords voted against its Company Voluntary Arrangement proposals at a creditors meeting last week. Suppliers were largely supportive of the CVA.

 

 

Readers' comments (17)

  • Shame for the 220 stores who are closing, make sure you all get what you are entitled too and dont work so hard, as no one will thank you.

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  • Just become a casualty of this RESCUE plan. Someone just walked in & closed us.We are now expected to pack up all stock, & probably will only get goverment redundancy package. Pension has been frozen & no one will tell us what to do.

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  • It is sad to see that many store's cannot be saved and many people will lose their jobs. how ever i am please to see that Michael Ziff has been able to keep the stylo name and to carry on trading, he is a proud man who has thought his way to save as much as he can and to keep his brands going, it wouldnt have been the same without Barratts on our high street!
    It is a possitive step forward and for anonymous who says we are all doomed THANKS!

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  • Unless head office overheads & warehouse costs are cut and then this will divded in to the remaining stores making them unprofitable, we need better stock and more staffing resources otherwise we are doomed.

    Sorry for the other 220 closure stores and all the loyal staff.

    We used to have 22 shoe shops in our City 12 years ago, we now have 8 and we still cant make,money. I am sorry I cant congratulate anyone!

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  • As another casualty of the so called rescue plan am curious as to why the company found it necessary to treat the hard working loyal staff so poorly? The staff at Mini got an hours notice thats an hour more than we got!!
    Its a disgrace.
    Good Luck to all remaining Priceless and Barratts staff i sadly fear you will need it.

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  • If the kindess of one man, Mr M Ziff and family, sparks such outrages comments god help us.
    I work for Stylo and today when I heard that the first shop had been closed I thought 'Am I next?'. Is no one willing to say anything nice about this rescue deal? Would you be willing to put your familys money towards saving a business and so many jobs or just forget it and walk away?
    Yes there has been redundancies and yes no one is being given very much information at the minute but that goes with the territory it happens all over the retail sector and not just Stylo. Times in all sectors are tough but you can only make things work if you try hard enough it will work.

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  • To 8.14pm
    In the previous company I worked for I got no notice at all. No letter, phone call or email saying the company had gone into administration the first anyone knew was when the administrators walked through the door and asked for them to be closed.

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  • Michael Ziff and Co have done wonders to save 3000 jobs. So sad to see so many great friends and amazing colleagues lose their positions when there are some right jobsworths remaining. Shame they can't legally be weeded out (without tribunals) and the deserving ones loyalty and hardwork rewarded. The company would beneiit in the long run. Good luck to everybody and lets hope the future now takes a turn for the better.

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  • People will be asked to help pack up their shops but Deloittes have stated that they will be working to get redundancy payments through quickly and also working with Job Centre Plus to try and help people get sorted.. No consolation really but the best of luck to everybody.

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  • to 8.14pm .I agree with your remarks .How many businessmen would be willing to put their own money into a retail structure at this precise moment in time?Not many I would guess.He has done so much to keep as much of STylo as humanly possible.Had the landlords agreed to the CVA last week then the situation could have been very different but because they were sceptical of a new an innovative way of managing cash flow and debt they rejected it out of hand.The CVA would have helped all parties involved.As it is now the Landlords will have empty units but still have to pay business tax and little chance of reletting the properties in the foreseeable future ,loyal and long serving staff are now unemployed,but Michael Ziff and his family have been able to save approx 50% of the staff.Good luck to all those unfortunate people who have lost their jobs and best wishes to the brave new Stylo.

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