Joint administrators, Tony Barrell and Mike Jervis, from PwC have been appointed to the shoe retailer, a year after it was bought by private equity investors, Alteri, after going into administration.
Due to changes in consumer spending, a fall in sterling and a competitive market, Brantano has suffered over the last year despite reducing costs within the business. There have been attempts to sell the business, which resulted in some interest, however no deal could be reached.
Brantano Retail Limited employs 1,086 workers across 73 stores and 64 concession stores across the UK. The administrators have said there will be redundancies.
A statement from PwC says:
“The administrators are continuing to trade the business as normal whilst assessing the trading strategy and any interest in parts of the business over the coming days and weeks. However, regrettably, it is inevitable that there will be redundancies. Staff will be paid their arrears of wages and salaries, and will continue to be paid for their work while the business is in administration.”
If you are an employee of the business, please listen to the video below as it emplains your rights as an employee of an insolvent business. There is a link at the end of the video to the Government website which expands further on what you need to know. Any specific questions should be directed to PwC who are handling the administration.