2,500 jobs to be cut at Barratts and PriceLess Shoes
Barratts and PriceLess Shoes will remain on the high street but 2,500 jobs will be cut.
Administrators of Stylo, which owns Barratts and PriceLess Shoes, have announced the closure of 220 stores with the loss of 2,500 jobs across the UK.
The remaining 160 Stylo stores and 165 concession outlets have been sold to the existing management team and will be led by company’s chairman Michael Ziff. The move will safeguard 3,000 jobs.
Barratts and PriceLess Shoes have been in administration since 26 January but remained open for trading. The Bradford-based company Stylo plc also fell into administration on 17 February.
Neville Kahn, Deloitte Partner and Joint Administrator, said: “Due to difficult short term financial difficulties and the long term sector outlook […] the store portfolio was deemed to be too large, and unable to generate sufficient profits to cover its cost base.
“As a result, the remaining 220 stores will be closed imminently, with the regrettable loss of 2,500 jobs.”
Mr Kahn went on to state that support would be given to those made unemployed: “We will be working closely with the Redundancy Payments Office and Job Centre Plus to provide support for all staff, which will include a fast track process for paying redundancy entitlements.”
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