Barratts shoes is latest to go
Shoe shop chains Barratts and PriceLess fell victim to the credit crunch today as administrators were called in.
Parent company Stylo is not in administration, although its shares were suspended earlier today.
Stylo operates 400 high street shoe stores in the UK under the Barratts and PriceLess brands, employing 5,450 staff. Administrators from Deloitte said the stores remain open and continue to trade.
The 168 Barratts branches including shops in Walsall's Saddlers Centre, Wolverhampton's Mander Centre, the Merry Hill Centre, Stafford, Kidderminster and West Bromwich.
Shares in Stylo were suspended today amid uncertainty over its finances.
The Bradford-based company requested that trading in its AIM-listed shares be suspended pending clarification of its strategic options.
On Friday, Stylo described its outlook as "challenging" and said margins continued to be impacted.
It added that it was managing stock and cost levels tightly while the board explored options for the business.
Shoe shops have suffered alongside the rest of the retail sector as consumer confidence has faltered, while low-cost fashion chains such as New Look and Primark have also seen an impact on sales.
Stead & Simpson, Dolcis and Faith have already fallen into administration.
Last February Stylo took on parts of the Dolcis business, acquiring 24 stores and a number of concessions.
The following month, Stylo sold its loss-making Shellys footwear brand to Hong Kong-based Eternal Best Industries.
In 2008 Stylo posted a pre-tax loss of £12.5 million for the year to February 2, worse than the £7.1 million loss for the previous year.
