Footwear retail groups in administration
26/01/2009
Two footwear retailers in the UK have filed for administration.
Stylo, the parent company of Barratts and PriceLess has said the measure was necessary to save the parent group itself from collapse.
Administrators from Deloitte will now work to find buyers for the two retail chains and has already said that reports of immediate store closures are untrue.
Stylo said: “Extremely challenging retail conditions mean that current and projected sales cannot support the current cost-base of the business, in particular the high rent obligation.”
The two groups have 400 stores across the UK and employ almost 5,500 people; the stores will stay open while the administration process goes on.
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