Barratts goes into administration for third time, with over 1,000 jobs on the line
Barratts Shoes has today appointed Duff & Phelps as administrators, as the company goes into administration for the third time in four years.
The news comes just weeks after Blockbuster again went into administration, with Moorfields Corporate Recovery appointed.
Philip Duffy, partner at Duff & Phelps, said of Barratts: "Difficult trading conditions in the sector led the directors to explore potential refinancing options and additional equity for the business.
"The company had recently received an offer from an investor to inject £5m into the company but that offer was withdrawn on the evening of 7 November.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.”
1,035 jobs are at risk at Barratts.