Two British footwear chains enter administration

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Tuesday, January 27, 2009

Two British footwear chains have entered administration, a form of company liquidation in the United Kingdom. Both Barratts and PriceLess are owned by parent company Stylo. Stylo has not entered administration itself but shares have been suspended.

The chains have a joint workforce of around 5,450 employees and operate 400 stores around the United Kingdom. In February Stylo purchased 24 stores from shoe retailer Dolcis after it had gone bust.

A spokesman for Stylo said that they did not anticipate any short-term improvement in trading conditions. It was also mentioned that the company had the support of the Lloyds Group and Barclays Bank. No stores are yet planned to close.

Other companies that have entered administration due to the financial crisis include MFI, Rosebys, Whittard of Chelsea, and Zavvi.


Sources

External links

Wikipedia Learn more about Administration on Wikipedia.


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