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Published on: 23/03/2017 09:56 AMReported by: roving-eye
The popular Brantano shoe shop has gone into administration, putting 1,100 jobs at risk.
Staff at the 'value' shoe shop have been warned redundancies are "inevitable."
Brantano's administrator, PwC, said while redundancies would be "inevitable", all shops will remain open "for the moment" and the 1,086 staff would be fully paid.
Tony Barrell, lead administrator at PwC, said the company had been hit by the sharp decline in sterling and an ongoing shift in consumer shopping habits.
He said: "Despite significant improvements in the business and reductions in the cost base, trading has continued to suffer in a depressed and competitive footwear market.
"Like many other retailers, Brantano has also been hit hard by the sharp decline in sterling, the ongoing shift in consumer shopping habits and the evolution of the UK retail environment.
"The administrators are continuing to trade the business as normal while 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."
Brantano Retail Limited was acquired by a company controlled by Alteri Investors in February 2016 but reported difficult trading conditions, despite sustained efforts and "streamlining" to make the business more commercially viable.
It has been reported Shoe Zone was vying with Edinburgh Woollen Mill to buy Brantano just before it collapsed.
However administrators have said a sale of the company was explored and whilst it generated interest, it has not been possible to achieve which resulted in the company being placed into administration.
Brantano lost the plot when they started to do TV adverts and move the brand (and prices) upmarket. You can't have upmarket in a barely-staffed soulless shed. It became pointless when it was no longer a cheapo destination.
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Lamparilla says:23/03/2017 12:09 PM
Originally Posted by dav
Brantano lost the plot when they started to do TV adverts and move the brand (and prices) upmarket. You can't have upmarket in a barely-staffed soulless shed. It became pointless when it was no longer a cheapo destination.
Plentiful and free 2 hour parking though - according to a lot of the retail experts on here, that's all you need!
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