High street shoe retailer Barratts has gone into administration for the third time in four years with more than 1,000 jobs at risk in the UK and Ireland.
The shoe chain, which is headquartered in Bradford, first went under in 2009 due to fierce competition overseas.
Financial advisory firm Duff & Phelps have been appointed as administrator and said it was reviewing the company‘s financial business, as well as seeking a sale of the business.
It said that it could not rule out any redundancies and/or store closures at this stage.
Philip Duffy of Duff & Phelps explained: “The company had recently received an offer from an investor to inject £5 million into the company but that offer was withdrawn on the evening of the 7 November. In view of the financial position of the company and withdrawal of that equity offer the Directors were left with no choice but to appoint administrators.”
Barratts has 75 stores and 23 concessions across the UK and Ireland employing 1,035 people in total.