Update Alteri Investors has bought the majority of Brantano UK out of administration, saving 140 stores and concessions and 1,372 jobs.
The company has gone into administration after suffering from tough trading conditions and high rent leases, putting nearly 2,000 jobs at risk.
Tony Barrell, Mike Jervis and Rob Hunt from PwC have been appointed as joint administrators to the company. The shoe retailer will continue to trade while they assess the situation and look for possible buyers for the business and its assets.
With 140 stores across the UK and 60 concessions, the retailer employs around 2,000 staff with 200 based at their headquarters in Coalville, Leicestershire. It is still unclear if there will be any redundancies, however it’s likely some loss-making stores could close, leading to potential job losses.
Barrell has assured “staff will be paid their arrears of wages and salaries, and will continue to be paid for their work during the administration”.
If you are an employee of the business, please listen to the video below as it will tell you 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. Queries should be directed to PwC who are handling the administration.