Shoe shops in turmoil
Shoe shops Barratt and PriceLess were on the verge of collapse today, throwing the jobs of more than 5,400 workers into jeopardy.
Rescue talks aimed at saving the famous chains have failed, creating the grim prospect of them becoming the next famous names to disappear from the High Street
Parent company Stylo said talks with creditors and landlords aimed at getting the stores out of administration had stalled. The company is itself expected to go into administration later today.
Administrators from Deloitte will now try to sell the 400-store Barratt and PriceLess business as a going concern.
PriceLess and Barratt, which has several stores in the West Midlands, have been in administration since January 26 but Stylo was hoping creditors would agree to a deal giving the company time to repay its debts.
Earlier this week Stylo chief executive Michael Ziff had warned that if the proposals were voted down it would "threaten the employment of some 5,400 people".
The plan would have seen creditors of PriceLess and Barratts agreeing to rescue the businesses from administration and place them in a company voluntary arrangement (CVA).
Stylo was founded in 1935 and has a headquarters in Bradford, Yorkshire.
